The company behind some of the Philippines’ most recognizable brands, from San Miguel Beer to Purefoods hotdogs, now controls Petron, San Miguel Global Power, the Manila Skyway, Ninoy Aquino International Airport and is building its future in aviation through the New Manila International Airport in Bulacan.
But while critics saw an increasingly complex conglomerate, chair and CEO Ramon S. Ang said the connections between those businesses are coming into clearer focus.
“Many of these businesses naturally reinforce one another,” Ang wrote in his message to stockholders in the conglomerate’s 2025 report.
“Food, beverage, and packaging remain our traditional core, while our fuel and oil, power, infrastructure, cement, logistics, and banking businesses have expanded our reach and strengthened our role in supporting national growth,” he added.
Realizing synergies
“Our expressways support mobility and logistics. Our fuel stations serve transport networks across the country,” Ang said.
“These stations also serve as ideal locations for food chains and retail stores that carry and serve our products,” he added.
The same logic extends to airports, railways (Metro Rail Transit line 7), power plants and logistics hubs, which Ang views as part of a broader network supporting the movement of people, goods and energy across the country.
Building and then harvesting
Founded as a brewery in 1890, San Miguel reinvented itself several times over the next century, first as a food and beverage giant and later as one of the Philippines’ largest conglomerates with annual revenues exceeding P1 trillion.
The projects that defined San Miguel’s transformation are also beginning to contribute more meaningfully to earnings.
Core net income rose 52 percent in 2025 to P79.6 billion, while operating income climbed 13 percent to P181.6 billion and earnings before interest, taxes, depreciation and amortization increased 16 percent to P262 billion.
“More importantly, many of the investments we made over the past decade are now contributing more directly to the company and the country,” Ang said.
“Projects once under development are now operational, generating income, supporting industries, creatingjobs, and improving the daily lives of Filipinos,” he added.
The next phase
Ang said the shift goes beyond financial performance. Many of the projects that once consumed capital and spent years under construction are now generating income, supporting industries, creating jobs and providing essential services.
That includes investments in power, battery energy storage systems, airports, toll roads and other infrastructure that Ang sees as critical to the country’s long-term development.
“This gives us even greater confidence as we enter the next phase of our growth,” Ang said, pointing to energy security, transportation connectivity, logistics and food security as priorities for future investment.
Built for uncertainty
The chair also argued that San Miguel’s growing scale has made the company more resilient at a time when geopolitical conflicts, inflation pressures, supply chain disruptions and climate risks continue to test businesses worldwide.
“No company can fully anticipate what comes next,” he said. “But the past few years have shown that San Miguel can adapt, remain disciplined, and continue to act in ways that serve both the company and the country.”
—Edited by Miguel R. Camus
