For the first time, Fortune released its list of Top 500 companies in the Southeast Asia, wherein Manila Water lands in the 435th spot.

According to Fortune, The Fortune Southeast Asia 500 debuts right as global business is starting to pay closer attention to the region. Southeast Asian economies are benefiting from supply chain diversification as rapid domestic development builds the next wave of global middle-class consumers and the new ranking reflects the rise and fall of energy markets, multinational supply chains, and tourism in some of the world’s most dynamic economies.

In the methodology used in finding out the Top 500 Southeast Asian companies, companies are ranked by total revenues for their latest available respective fiscal years ended on, or before, Dec. 31, 2023. Figures are as reported, and comparisons are with the prior year’s figures for that year. On the said list, thirty-eight (38) Filipino companies have been included, with Manila Water as the only water utility company in the Philippines making it to the cut.

Fortune is an American global business publication focusing on American and international businesses and industries, economics, and technology. It is also known for its extensive business research and insights on revenue and marketing trends, including the annual release of the “Fortune 500” list covering companies in the USA, Europe, China and globally.