Six Philippine firms secured a spot on TIME Magazine's list of the best companies in the world in 2023.
Out of the 750 businesses that were recognized by the international publication, six firms are in the Philippines namely Ayala Corporation, San Miguel Corporation, Jollibee Foods Corporation, PLDT Inc., Metropolitan Bank & Trust Co., and BDO Unibank Inc.
Conglomerate Ayala Corp. ranked 309 with an overall score of 83.66, followed by food and beverage conglomerate San Miguel Corp. at 347 with an 83.08 rating.
Fast food giant Jollibee placed 421st with an 81.94 overall score, while telco giant PLDT placed 609th garnering a 78.71 score.
Banking firms Metropolitan Bank & Trust Co. and BDO Unibank Inc. came in at 634th and 715th, respectively.
According to the magazine, the World’s Best Companies 2023 ranking is a comprehensive analysis conducted to identify the top-performing companies across the globe. It's based on a formula of revenue growth, employee satisfaction surveys, and rigorous environmental, social, and corporate governance (ESG, or sustainability) data.
"The rankings show just who dominates the world economic order, with fast-moving tech and business-services companies unseating the manufacturers and consumer-goods companies that once drove the global economy," TIME said.
"The world’s best companies of 2023 can make things like their forefathers did, while their employees, shareholders, and the planet profit, too,” it added.
Big tech firms such as Microsoft, Apple, Alphabet (the company that owns Google), Meta Platforms (formerly Facebook), and Accenture reigned supreme among the leading global firms on the list and placed in the Top 5, respectively.
The magazine put the spotlight on the aforementioned tech companies in particular "because their carbon emissions are so much lower than other types of companies with significant physical footprints like airlines, hotels, or big manufacturers."
TIME also noted the essential of making their employees happy while posting big financial gains over the years and still committing to social governance principles.
"The top four got the highest marks in employee rankings—and because they’ve posted such big financial gains over the last three years while still committing to social governance principles like lowering their emissions and appointing more women to their board," the magazine said.