Sunwest, Hi-Tone among top 1000 corporations in the Philippines

Two controversial Department of Public Works and Highways (DPWH) contractors ranked among the top 1,000 largest companies in the Philippines, data from BusinessWorld showed.

According to the 2024 edition of BusinessWorld Top 1000 Corporations in the Philippines, Sunwest, Inc. ranked 286th based on gross revenues in 2023, while Hi-Tone Construction and Development Corp. ranked 642nd.

Sunwest posted gross revenues of P14.34 billion in 2023, up by 14.6% from P12.51 billion in 2022. However, its net profits declined by 20.8% to P1.15 billion in 2023, from P1.45 billion in 2022.

Sunwest, founded by Ako Bicol Party-list Rep. Elizaldy S. Co and his brother Christopher, first entered the Top 1000 league in the 2008 edition of the magazine where it ranked 578th with P1.81 billion in gross revenues for 2007.

Mr. Elizaldy Co has previously said that he has already divested from Sunwest.

Meanwhile, Hi-Tone posted gross revenues of P5.84 billion in 2023, up by 4.9% from P5.56 billion the previous year. However, its net income fell 13.3% to P275.22 million in 2023 from P317.42 million in 2022.

Hi-Tone, founded by former Ako Bicol Party-list Rep. Christopher S. Co, first entered the Top 1000 list in its 2010 edition, landing 810th with gross revenues of P1.32 billion for 2009.

The two companies were among the 15 contractors named by President Ferdinand R. Marcos, Jr. as cornering more than P100 billion worth of flood control projects between July 2022 and May 2025.

The BusinessWorld Top 1000 Corporations in the Philippines ranks private and public stock corporations based on gross revenue using the latest available full year audited financial statements.

BusinessWorld defines gross revenue as sum of net sales and nonoperating income, while net income is the profit realized by the company after deducting the cost of sales, operating and other expenses, and taxes.

The latest edition had a gross revenue cutoff of P3.15 billion for 2023. — Pierce Oel A. Montalvo