BDO Unibank Inc., the largest lender in the Philippines by assets, has secured a position in Fortune’s inaugural Southeast Asia 500 list, highlighting its significant role in the region’s economic landscape.
The ranking, which evaluates companies across seven Southeast Asian countries, underscores BDO’s contributions to regional development and reflects the growing influence of Southeast Asian firms on the global stage.
Fortune’s assessment, based on fiscal year 2023 revenue performance, offers a comprehensive snapshot of the region’s corporate powerhouses. The list spans diverse sectors, providing insights into the dynamic growth patterns and strategic importance of leading Southeast Asian enterprises.
BDO’s inclusion comes as the bank continues to expand its footprint in the Philippines and strengthen its position in the broader ASEAN market. The recognition may bolster investor confidence and potentially support the bank’s future growth strategies.
“This accolade reaffirms our commitment to driving economic progress not just in the Philippines, but across Southeast Asia,” a BDO spokesperson said in a statement to Bloomberg. The bank declined to disclose its specific ranking on the list.
The Fortune Southeast Asia 500 arrives at a time when the region is gaining increased attention from global investors, with its robust economic growth and expanding middle class presenting significant opportunities.
BDO, regulated by the Bangko Sentral ng Pilipinas, reported a net income of 57.1 billion pesos ($1.01 billion) for 2023, up 11% year-over-year, according to its latest financial statement. The bank’s total assets stood at 4.1 trillion pesos as of December 31, 2023.
Analysts note that BDO’s strong market position and diverse revenue streams have contributed to its resilience amid challenging economic conditions. However, they caution that ongoing global economic uncertainties and potential regulatory changes in the banking sector could pose challenges in the coming years.
BDO’s deposits are insured by the Philippine Deposit Insurance Corporation up to 500,000 pesos per depositor, in line with local banking regulations.
