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April 24, 2024

Shining stars: Banks among 30 Philippine growth champions

Philippine businesses are showing signs of recovery following the 2020 COVID-19 pandemic.

The Philippine Daily Inquirer and Statista recently unveiled The Philippines Growth Champions 2024, spotlighting the top 30 companies with the highest revenue growth between 2019 and 2022, showcasing remarkable resilience amidst economic challenges.

Makati City-based The Penbrothers International, Inc., leads this cohort, encompassing firms across diverse sectors that have achieved impressive growth rates despite the prevailing economic downturn. To earn a spot, companies needed to meet stringent criteria, including generating revenues of at least P5 million in 2019 and P30 million in 2022, maintaining business independence, and being headquartered in the Philippines.

Moreover, the revenue growth had to be primarily organic over the specified period.

Among the notable companies featured are Great Deals E-Commerce Corp., SunFish DataOn Philippines, Inc., and Ovialand, Inc. Notably, the list includes prominent banks such as City Savings Bank, Union Bank of the Philippines and BDO Unibank, highlighting significant growth and innovation in the financial sector.

CitySavings achieved a 66.13% growth rate, with revenues totaling ₱9.29 billion in 2022. Similarly, UnionBank grew revenues by 42.31%, to ₱52.2 billion in 2022. BDO, meanwhile, recorded a growth rate of 22.65%, with revenues amounting to ₱220.77 million.