Globe, a leading telco and expanding technology company in the Philippines, has earned a spot on the inaugural Fortune Southeast Asia 500 list, cementing its stature as one of the largest companies in the region.
Globe ranked 111, with revenues at $3.240 billion and profits of $441 million as of end 2023. It joins 38 companies from the Philippines that made the list.
“Globe’s inclusion on the first ever Fortune Southeast Asia 500 list is an affirmation of our success in serving our customers guided by our purpose, delivering products and services that impact lives and solving the pain points of Filipinos. The company grew serving millions of customers locally and now abroad. Amid the new digital landscape, we envision to continue growing through responsible use of technology to fill in the societal gaps and allow our country to reach economic prosperity,” said Ernest Cu, President and CEO of Globe.
“To uplift the nation is our North Star. This recognition inspires us to keep innovating to serve our customers as their needs evolve,” he added.
Globe has been the country’s mobile leader based on revenue market share for over seven years. It has 61.3 million subscribers as of Q1 2024, including 58.8 million mobile subscribers, 1.7 million home broadband customers, and 797,000 landline subscribers.
It employs over 7,200 employees and provides business to over 414,000 load retailers, distributors and business partners across the country as of the first quarter of this year.
Fortune’s new ranking indexed companies by total revenues as of Dec. 31, 2023. It said the list ”reflects the rise and fall of energy markets, multinational supply chains and tourism in some of the world’s most dynamic economies.”
“The Fortune Southeast Asia 500 reflects a dynamic and fast-changing region — one whose core economies are growing notably faster than those of Europe or the U.S. This is partly due to Southeast Asia taking on far greater significance in the global economy, not least because a host of Global 500 multinationals have shifted more of their supply chains to Southeast Asian nations,” says Clay Chandler, Executive Editor, Fortune Asia.
Fortune said companies on the regional list “join an elite group of firms recognized under the Fortune 500 franchise,” which includes Fortune 500, Fortune Global 500, Fortune Europe 500, and Fortune China 500.
