S&P Global Ratings has highlighted increased default risk for Philippine banks due to high loan concentration, which could impact their profitability and ability to sustain dividend payments.

S&P Warns of Heightened Default Risk for Philippine Banks

Philippine economic growth is projected to rebound to 5% in 2026, supported by increased public infrastructure spending and interest rate cuts, which may positively impact corporate earnings and dividend potential.

Philippine Economic Growth Expected to Rebound in 2026

ACEN Corp. has acquired full ownership of its renewable energy business in India, consolidating a portfolio of over 1,000 megawatts and reinforcing its commitment to the country's clean energy transition.

ACEN Completes Buyout of Partner in India Renewables Business

International Container Terminal Services, Inc. (ICT) was incorporated on December 24, 1987 to operate, manage and develop the Manila International Container Terminal (MICT), which handles international container cargo at the Port of Manila. In May 1988, the Philippine Ports Authority awarded to ICT a concession to be the exclusive operator of MICT for a period of 25 years. ICT started operating MICT on June 12, 1988. ICT's concession contract for MICT was extended for another 25 years up to May 18, 2038. The principal business of ICT is the operation, management, development and acquisition of container terminals. The primary mechanism for the operation of these terminals is long-term concession agreements with local port authorities and governments through ICT and its subsidiaries. ICT and its subsidiaries also provide ancillary services such as storage, container stripping and stuffing, inspection, weighing and services for refrigerated containers or reefers, as well as roll-on/roll-off and anchorage services to non-containerized cargoes or general cargoes on a limited basis.Currently, the ICT group is involved in 31 terminal concessions and port development projects in 18 countries worldwide. There are ten terminal operations, including an inland container terminal and a barge terminal, in the Philippines, two each in Indonesia, Papua New Guinea and Brazil; and one each in China, Ecuador, Poland, Georgia, Madagascar, Croatia, Pakistan, Honduras, Mexico, Iraq, Argentina, DR Congo, Colombia and Australia; and an existing concession to construct, develop and operate a port in Tuxpan, Mexico.Source: SEC Form 17-A (2019)

Global leader in container terminal operations with 31 concessions in 18 countries.

International Container Terminal Services, Inc.

SM Investments Corporation (SM) was incorporated on January 15, 1960 to serve as the holding company of the SM Group with interests in retail, property and banking. The Company is engaged in businesses through its subsidiaries, namely: retail ("The SM Store", SM Supermarket, SM Hypermarket, SaveMore, Walter Mart Supermarket, Inc., and Alfamart); property (SM Prime Holdings, Inc. and SM Development Corporation); and financial services (BDO Unibank, Inc. and China Banking Corporation). The Company also has equity investments in other sectors such as premium commercial buildings (Neo Office Ph, Philippine Urban Living Solutions and CityMall Commercial Centers Inc.); leisure (Belle Corporation), logistics (2Go Group, Inc. and GrabPay JV), food (Goldilocks) and mining (Atlas Consolidated Mining & Development Corporation).Source: SEC Form 17-A (2019)

A diversified conglomerate in retail, property, banking, and various equity investments.

SM Investments Corporation

BDO Unibank Inc. (BDO), originally known as Acme Savings Bank, was acquired by the SM Group in 1976. BDO listed its shares on the Philippine Stock Exchange on May 21, 2002. The Company merged with Equitable PCI Bank in May 2007. BDO offers an array of products and services, i.e. retail banking; lending (corporate, commercial, consumer, and SME); treasury; trust; credit cards; corporate cash management; and remittances. Through its subsidiaries, the Company offers leasing and financing; investment banking; private banking; bancassurance; insurance brokerage; and stock brokerage services.The Company's local subsidiaries include BDO Private Bank, Inc.; BDO Leasing and Finance, Inc.; BDO Capital & Investment Corporation; BDO Nomura Securities, Inc.; and BDO Insurance Brokers, Inc. The Company also has foreign subsidiaries in the US, Hong Kong, Italy, Japan, Canada, and Macau. The Company's associates include NLEX Corporation; SM Keppel Land, Inc.; Northpine Land Inc.; Taal Land, Inc.; and MMPC Auto-Financial Services Corporation.As of December 31, 2019, BDO has 1,434 operating domestic branches (inclusive of one branch each in Hong Kong and Singapore), 4,466 automated teller machines and 562 cash deposit machines.Source: SEC Form 17-A (2019)

Leading Philippine bank offering diverse financial services with extensive branch and ATM networks.

BDO Unibank, Inc.

Manila Electric Company (MER) is a private distribution utility organized on May 7, 1919 which holds a congressional franchise under Republic Act (RA) No. 9209 effective June 28, 2003. RA 9209 granted MER a 25-year franchise valid through June 28, 2028 to construct, operate, and maintain the electric distribution system in the cities and municipalities of Bulacan, Cavite, Metro Manila, and Rizal and certain cities, municipalities, and barangays in the provinces of Batangas, Laguna, Pampanga, and Quezon.The principal business of MER is the distribution and sale of electric energy through its distribution network facilities in its franchise area. The Company's market is categorized into four classes namely, residential, commercial, industrial, and streetlights. MER sources the electricity it distributes from at least 10 different power suppliers including the Independent Electricity Market Operator of the Philippines. MER has a unit for its participation in retail electricity supply (RES) with a trade name, "MPower". The Energy Regulatory Commission granted the following companies distinct RES licenses to operate as affiliate retail electricity suppliers in Luzon and Visayas, namely, Vantage Energy Solutions and Management, Inc., a wholly-owned subsidiary of MER; Solvre, Inc., a wholly-owned subsidiary of MERALCO PowerGen Corporation; and MeridianX Inc., a wholly-owned subsidiary of Comstech Integration Alliance, Inc.Source: SEC Form 17-A (2019)

A major Philippine electric distributor serving residential, commercial, and industrial sectors.

Manila Electric Company

Bank of the Philippine Islands (BPI) was incorporated on January 4, 1943 as a domestic commercial bank and went public on October 12, 1971. The Company offers an array of financial services that include corporate banking, consumer banking, investment banking, asset management, corporate finance, securities distribution, and insurance services.On December 29, 2016, BPI spun off its BPI Asset Management and Trust Group to a newly-established stand-alone trust corporation named BPI Asset Management and Trust Corp. (BPI AMTC). BPI AMTC commenced operations on February 1, 2017.Aside from BPI AMTC, the Company's other principal subsidiaries are BPI Family Savings Bank, Inc.; BPI Capital Corp.; BPI Direct BanKo, Inc.; BPI International Finance Limited; BPI Remittance Centre Hong Kong Ltd.; BPI (Europe) Plc.; BPI Century Tokyo Lease & Finance Corp.; BPI/MS Insurance Corp.; BPI/MS Insurance Corp.; and BPI Investment Management Inc.As end of 2019, BPI has 867 branches, including 6 kiosk branches, across the country. Overseas, BPI has three branches in Hong Kong and one each in UAE and Japan. BPI also has 2,323 automated teller machines and 499 cash accept machines. Source: SEC Form 17-A (2019)

Bank of the Philippine Islands

SM Prime Holdings, Inc. (SMPH) was incorporated on January 6, 1994 to acquire and develop real estate, conduct and maintain commercial shopping centers including shopping center spaces for rent, amusement centers, movie or cinema theaters, and to construct and manage buildings such as condominium, apartments, hotels, restaurants, stores and other structures for mixed use purposes. The Company has now four business units, namely, malls, residential, commercial, and hotels and convention centers.As of December 31, 2019, SMPH has 74 malls in the Philippines and seven shopping malls in China. The malls in China are located in the cities of Xiamen, Jinjiang, Chengdu, Zibo, Chongqing, Tianjin, and Suzhou. The Company has 49 residential projects, 19 commercial projects, eight hotels, four convention centers and three trade halls. SMPH also owns Sky Ranch, an amusement park in Tagaytay City and within SM City Pampanga.Among the Company's subsidiaries are SM Development Corporation; Costa del Hamilo, Inc.; Tagaytay Resort Development Corporation; SM Arena Complex Corporation; SM Hotels and Conventions Corp.; and SM Land (China) Limited.Source: SEC Form 17-A (2019)

Real estate developer with malls, residential projects, hotels, and commercial spaces in PH and China.

SM Prime Holdings, Inc.

Metropolitan Bank & Trust Company (MBT) was incorporated on April 6, 1962 by a group of Filipino businessmen principally to provide financial services to the Filipino-Chinese community. MBT eventually diversified its business to provide a range of banking and collateral services to all sectors of the Philippine economy. MBT opened its first office in Binondo, Manila on September 5, 1962. On August 21, 1981, MBT was granted a universal banking license by the Bangko Sentral ng Pilipinas. MBT's principal business activities involve deposit-taking and lending, trade finance, remittance, treasury, investment banking and thrift banking. The Company is a participant in the foreign exchange market, and is accredited by the Securities and Exchange Commission as a government securities eligible dealer/broker. MBT's significant subsidiaries include First Metro Investment Corporation; Philippine Savings Bank; Metrobank Card Corporation; and ORIX METRO Leasing and Finance Corporation. As of December 31, 2019, MBT has 707 branches. The Company also has 1,788 automated teller machines and 178 cash accept machines.Source: SEC Form 17-A (2019)

A leading Philippine universal bank offering diverse financial services and extensive branch network.

Metropolitan Bank & Trust Company

Ayala Corporation (AC) was founded in 1834, incorporated on January 23, 1968, and was listed on the Philippine Stock Exchange in 1976. AC is the holding company of the Ayala Group of Companies, with principal business interests in real estate and hotels; financial services and insurance; telecommunications; water infrastructure; electronics solutions and manufacturing; power generation; transport infrastructure; automotive; international real estate; healthcare; education; and technology ventures.The significant subsidiaries of AC as of December 31, 2019 are Ayala Land, Inc.; Manila Water Company, Inc.; Integrated Micro-Electronics, Inc.; AC Energy, Inc.; and AC Industrial Technology Holdings Inc.  At present, AC is 47.33% owned by Mermac, Inc., a private holding company incorporated in the Philippines and the rest by the public.Source: SEC Form 17-A (2019)

A diversified holding company with interests in real estate, telecommunications, and energy.

Ayala Corporation

Aboitiz Power Corporation (AP) was incorporated on February 13, 1998 as a holding company for the Aboitiz Group's investments in power generation and distribution as well as retail electricity and other related services. Ownership in the Company was opened to the public through an initial public offering of its common shares in July 2007.Since its incorporation, AP accumulated interests in both renewable and non-renewable generation plants. The Company holds all its investments in renewable energy through Aboitiz Renewables, Inc. (ARI) and non-renewable energy through Therma Power, Inc. (TPI). Both ARI and TPI are wholly-owned subsidiaries of AP. The Company has ownership interests in nine distribution utilities, which collectively supply electricity to franchise areas covering a total of 18 cities and municipalities in Luzon, Visayas and Mindanao.Source: SEC Form 17-A (2019)

Aboitiz Power focuses on renewable and non-renewable energy, with extensive distribution assets.

Aboitiz Power Corporation

San Miguel Food and Beverage, Inc. (FB), formerly San Miguel Pure Foods Company, Inc., was incorporated on October 31, 1956 to primarily engage in the business of manufacturing and marketing of processed meat products. FB, through its subsidiaries, later on diversified into poultry and livestock operations, feeds and flour milling, dairy and coffee operations, franchising and young animal ration manufacturing and distribution. FB offers food products and services to household, institutional and food service customers in the Philippines. Among the brands in its portfolio include "Magnolia" for chicken, ice cream and dairy products; "Monterey" for fresh and marinated meats; "Purefoods" for refrigerated processed meats and canned meats; "Star" and "Dari Crème" for margarine; "San Mig Coffee" for coffee; "La Pacita" for biscuit and flour-based snacks; and "B-Meg" for animal feeds. In 2018, FB amended its primary purpose and changed its corporate name to the present one to reflect its expansion into the alcoholic and non-alcoholic beverage business. In the same year, the Securities and Exchange Commission approved the increase in authorized capital stock of FB, by virtue of which FB issued new common shares to its intermediate parent San Miguel Corporation (SMC) in exchange for SMC's common shares in San Miguel Brewery Inc. (SMB) and Ginebra San Miguel Inc. (GSMI), completing the consolidation of the food and beverage businesses of SMC under FB.As a result, FB is now operating in three business segments: beer and non-alcoholic beverages, spirits and food. FB's major operating subsidiaries include San Miguel Foods, Inc., San Miguel Mills, Inc., The Purefoods-Hormel Company, Inc., Magnolia, Inc., San Miguel Super Coffeemix Co., Inc., SMB and GSMI.SMB and GSMI are primarily engaged in the manufacture and sale of beer and liquor products, respectively, which they market under several brands, including their respective flagship brands "San Miguel Pale Pilsen" and "Ginebra San Miguel".Source: SEC Form 17-A (2019)

Manufactures and markets food products, beer, and spirits in the Philippines under multiple brands.

San Miguel Food and Beverage, Inc.

Ayala Land, Inc. (ALI) was formerly the real estate division of Ayala Corporation (AC) and was incorporated on June 30, 1988 to focus on the development of its existing real estate assets. In July 1991, the Company became publicly-listed through an initial public offering of its primary and secondary shares on the Makati and Manila Stock Exchanges.ALI is engaged in the planning and development of large scale, integrated estates having a mix of use for the sale of residential lots and buildings, office buildings and commercial and industrial lots, leasing of commercial and office spaces and the development, operation and management of hotels and resorts. The Company also develops commercial and industrial parks and is also engaged in property management, construction and other businesses like retail and healthcare. Among the Company’s subsidiaries are Alveo Land Corporation; Avida Land Corporation; Ayala Property Management Corporation; Makati Development Corporation; North Triangle Depot Commercial Corporation; Laguna Technopark, Inc.; and Ten Knots Philippines, Inc. Source: SEC Form 17-A (2019)

Engaged in integrated estate development, leasing, and diverse property management services.

Ayala Land, Inc.

PLDT Inc. (TEL), formerly Philippine Long Distance Telephone Company, was incorporated on November 28, 1928 following the merger of four telephone companies under US ownership. In 1967, effective control of TEL was sold by General Telephone and Electronics Corporation to a group of Filipino businessmen. Over the period 1998 to 2011, Philippine Telecommunications Investment Corporation, Metro Pacific Resources Inc.  (both of which are Philippine affiliates of First Pacific Company), NTT DOCOMO, INC., NTT Communications Corporation, and JG Summit Group acquired significant ownership of the common shares of TEL.  On July 29, 2016, the Securities and Exchange Commission approved the change in corporate name to the present one. TEL is an integrated telecommunications service provider in the Philippines with its business activities categorized into three units: wireless, fixed line, and others. The Company operates the Philippines' most extensive fiber optic backbone and fixed line, and cellular network. The Company's wireless services are marketed under the "Smart", "TNT", and "Sun Cellular" brands, while its fixed line services are marketed under "PLDT HOME" and "PLDT ENTERPRISE."Under its subsidiary, ePLDT, Inc., TEL operates 10 data centers nationwide, under the "VITRO" brand.One of its direct subsidiaries, Voyager Innovations, Inc., operates digital platforms, one of which enables mobile payments under the "PAYMAYA" brand.TEL's subsidiaries include, among others, Smart Communications, Inc.; PLDT Clark Telecom, Inc.; PLDT Subic Telecom, Inc.; PLDT Global Corporation; PLDT-Philcom, Inc.; PLDT-Maratel, Inc.; Bonifacio Communications Corporation; Digital Telecommunications Corporation Phils, Inc.; PLDT Global Investments Holdings, Inc.; and PLDT Digital Investments Pte Ltd.TEL's common shares are listed and traded on the PSE, while the Company's American Depositary Shares are listed and traded on the New York Stock Exchange in the US (NYSE: PHI).Source: The Company (2020)

Leading Philippine telecom provider offering wireless, fixed line, and digital services with extensive infrastructure.

PLDT Inc.

Emperador Inc.

Globe Telecom, Inc. (GLO) was originally incorporated on January 16, 1935 as Globe Wireless Limited with a franchise to operate wireless long distance message services in the Philippines. The Company eventually changed its name to the present one in 1992, and welcomed Singapore Telecom, Inc. as a new foreign partner the following year. GLO is a telecommunications company that provides digital wireless communication services nationwide under the "Globe Postpaid", "Globe Prepaid", and "TM" brands using a fully digital network. The Company also offers domestic and international long distance communication services or carrier services. On May 30, 2016, the Board of GLO approved the acquisition of 50% of Vega Telecom, Inc. (VTI) from San Miguel Corporation, with Philippine Long Distance Telephone Company acquiring the remaining 50% interest. VTI owns an equity stake in Liberty Telecom Holdings, Inc. (LIB) as well as in enfranchised companies including Bell Telecommunication Philippines, Inc.; Eastern Telecom Philippines, Inc.; Express Telecom, Inc.; and Tori Spectrum Telecom, Inc., among others.On June 21, 2016, GLO exercised its rights as holder of 50% equity interest of VTI to cause VTI to propose the conduct of a tender offer on the common shares of LIB held by minority shareholders as well as the voluntary delisting of LIB. At the completion of the tender offer and delisting of LIB, VTI’s ownership of LIB is at 99.1%.The Company's subsidiaries are composed of Innove Communications, Inc.; GTI Business Holdings, Inc.; Kickstart Ventures, Inc.; Asticom Technology, Inc.; Globe Capital Venture Holdings, Inc.; Bayan Telecommunications, Inc.; TaoDharma Inc.; GTowers Inc.; Yondu, Inc.; and Electronic Commerce Payments, Inc.Source: SEC Form 17-A (2019)

Leading Philippine telecom firm offering digital wireless services and carrier solutions nationwide.

Globe Telecom, Inc.

Jollibee Foods Corporation (JFC) was incorporated on January 11, 1978. The Company's principal business is the development, operation and franchising of quick service restaurants (QSR) under the trade names "Jollibee", "Chowking", "Greenwich", "Red Ribbon", "Yong He King", "Hong Zhuang Yuan", "Mang Inasal", "Burger King", "Highlands Coffee", "PHO24", "Hard Rock Café", "Dunkin' Donuts", "Smashburger", "Tim Ho Wan", "Tortas Frontera", "The Coffee Bean & Tea Leaf" and "Panda Express". The other activities of JFC include manufacturing and property leasing in support of the QSR systems and other business activities. Aside from the subsidiaries that develop and operate the Company's QSR trade names, JFC wholly owns Freemont Foods Corporation, which owns and operates Jollibee stores in Visayas and Mindanao, and Grandworth Resources Corporation, a real estate company which owns or leases some of the properties used as store sites.By the end of 2019, there were 1,195 Jollibee stores nationwide, of which 680 were franchised and 515 were Company-owned. On international operations, Jollibee had 266 stores with 39 stores in the US, nine in Canada, one in Guam, one in Italy, one in United Kingdom, 130 in Vietnam, 18 in Brunei, 10 in Hong Kong, nine in Singapore, one in Macau, one in Malaysia and 46 in the Middle East. Source: SEC Form 17-A (2019)

A leading QSR operator with multiple brands and extensive domestic and international presence.

Jollibee Foods Corporation

JG Summit Holdings, Inc. (JGS), which is controlled by the Gokongwei family, was incorporated in November 1990 as the holding company for a group of companies with substantial business interests in foods; agro-industrial and commodities; real estate and hotel; air transportation; banking; and petrochemicals. The Company also has core investments in telecommunications and power generation and distribution. The Company was listed on the Philippine Stock Exchange in 1993. The Company conducts its businesses throughout the Philippines, but primarily in and around Metro Manila and in the regions of Luzon, Visayas and Mindanao. JGS, through its subsidiaries, also have branded foods businesses in the People's Republic of China, ASEAN and Oceania (New Zealand and Australia regions), and a core investment in a property development company in Singapore. Among JGS' subsidiaries are JG Summit Petrochemical Corp.; CP Air Holdings Inc.; Universal Robina Corporation; Robinsons Land Corporation; and Robinsons Bank Corporation. The Company also holds 8.0% interest in PLDT Inc., 29.6% interest in Manila Electric Company, and 30.0% interest in Global Business Power Corporation.  Source: SEC Form 17-A (2019)

Diversified firm with interests in foods, real estate, air transport, banking, and petrochemicals.

JG Summit Holdings, Inc.

San Miguel Corporation (SMC) was originally founded in 1890 as a single brewery in the Philippines. The Company has since then transformed itself from a beverage, food and packaging business into a diversified conglomerate with businesses in fuel and oil, energy, infrastructure, and real estate industries. The Company's product portfolio includes beer; spirits; non-alcoholic beverages; poultry; animal feeds; flour; fresh and processed meats; dairy products; coffee; various packaging products; and a range of refined petroleum products. SMC has strategic partnerships with international companies, among them are Kirin Holdings Company, Limited for beer; Hormel Foods International Corporation for processed meats; Nihon Yamamura Glass Company, Ltd., Fuso Machine & Mold Mfg. Co. Ltd. and Can-Pack S.A. for packaging products; and Korea Water Resources Corporation for its power business.The Company's subsidiaries include Ginebra San Miguel, Inc.; San Miguel Food and Beverage, Inc.; SMC Global Power Holdings Corp.; SEA Refinery Corporation; San Miguel Holdings Corp.; and San Miguel Properties, Inc. Source: SEC Form 17-A (2019)

Diversified conglomerate in food, beverages, fuel, energy, and infrastructure with global partnerships.

San Miguel Corporation

Aboitiz Equity Ventures, Inc. (AEV) was originally incorporated on September 11, 1989 as Cebu Pan Asian Holdings, Inc. The Company changed its corporate name to the present one on December 29, 1993 and its ownership was opened to the general public through an initial public offering of its stocks on November 16, 1994. AEV's core businesses, conducted through its subsidiaries and affiliates, are grouped into six main categories: power generation, distribution and retail electricity supply; financial services; food manufacturing; real estate; infrastructure; and portfolio investments. The Company's other investments include holdings in aviation through AEV Aviation, Inc.; underwriting of its insurable risks through Archipelago Insurance Pte. Ltd.; and portfolio investments abroad through AEV International Pte. Ltd. Source: SEC Form 17-A (2019)

Diversified company with core businesses in power, finance, food, real estate, infrastructure, and investments.

Aboitiz Equity Ventures, Inc.

China Banking Corporation (CHIB) was incorporated on July 20, 1920 and commenced business on August 16 of the same year as the first privately-owned local commercial bank in the Philippines. CHIB was listed on the local stock exchange by 1927 and acquired its universal banking license in 1991. CHIB started by mainly catering to the Chinese-Filipino commercial sector, but has since expanded its market scope to include the retail and consumer segments. CHIB's main businesses include corporate and SME lending, retail loans including mortgage and auto loans, treasury and foreign exchange trading, trust and asset management, investment banking and advisory services, wealth management, cash management, insurance products through China Bank Insurance Brokers, Inc. and Manulife China Bank Life Assurance Corporation (Manulife China Bank), internet banking and mobile banking services and remittances through tie-ups with remittance companies and exchange houses in the Middle East, Asia and major US cities. The Company also offers foreign currency deposits of US Dollar, Euro, Yuan, and Yen to cater to clients' trade, investment and remittance requirements in this currency.The Company's subsidiaries include Chinabank Insurance Brokers, Inc.; CBC Properties and Computer Center, Inc.; China Bank Savings, Inc.; China Bank Capital Corporation; China Bank Securities Corporation; and CBC Assets One, Inc.  As of December 31, 2019, CHIB's products and services are made available across multiple distribution and delivery channels, particularly through its 631 branches and 1,002 automated teller machines nationwide. Source: SEC Form 17-A (2019)

Privately-owned universal bank in the Philippines offering diverse financial services and extensive reach.

China Banking Corporation

LT Group, Inc. (LTG), formerly Tanduay Holdings, Inc. (THI), was incorporated on May 25, 1937 under the name The Manila Wine Merchants, Inc. to engage in the trading business. The Securities and Exchange Commission (SEC) approved the change in corporate name to Asian Pacific Equity Corporation on September 22, 1995 and the change of its primary purpose to that of a holding company. On November 10, 1999, the corporate name was again changed to THI. On September 28, 2012, the SEC approved the change in the corporate name to the present one.After a series of restructuring activities in 2012 and 2013, LTG expanded and diversified its investments to include the beverages; tobacco; property development; and banking businesses. The Company's subsidiaries and associates are Tanduay Distillers, Inc.; Asia Brewery, Incorporated; Fortune Tobacco Corporation; Philippine National Bank; Saturn Holdings, Inc.; Paramount Landequities, Inc.; and Eton Properties Philippines, Inc.Source: SEC Form 17-A (2019)

A diversified holding company with investments in beverages, tobacco, property, and banking.

LT Group, Inc.

AREIT, Inc. (AREIT) was incorporated on September 4, 2006 as a real estate company. The Company was originally known as One Dela Rosa Property Development, Inc. before changing its name to the present one on April 12, 2019.The Company operates as a real estate investment trust (REIT) which principal investment strategy is to invest in income-generating real estate. To meet the investment criteria, a potential new property should be located in a prime location in either Metro Manila or key provinces in the Philippines; be primarily focused on commercial operations; and have stable occupancy, tenancy, and income operations. The Company's sponsor is Ayala Land, Inc.AREIT's property portfolio currently consists of three commercial buildings in Makati City, Metro Manila. These are Solaris One, a 24-storey commercial building; Ayala North Exchange, a two-tower mixed-use development; and McKinley Exchange, a five-storey mixed-use development. The land on which the buildings are built do not form part of the Company's asset portfolio and is not owned by the Company.Source: Prospectus (2020)

A real estate investment trust focused on income-generating commercial properties in Metro Manila.

AREIT, Inc.

Universal Robina Corporation (URC) was founded in 1954 when Mr. John Gokongwei, Jr. established Universal Corn Products, Inc., a cornstarch manufacturing plant in Pasig. The Company is involved in a range of food-related businesses, including the manufacture and distribution of branded consumer foods; production of hogs and poultry; manufacture of animal feeds and veterinary products; flour milling; and sugar milling and refining. URC also ventured in the renewables business for sustainability through distillery and cogeneration divisions.URC operates its food business through operating divisions and wholly-owned or majority-owned subsidiaries that are organized into three core business segments, namely, branded consumer foods, agro-industrial products and commodity food products. Majority of URC's branded consumer foods business is conducted in the Philippines, but the Company has expanded into other Asian markets through its subsidiaries in Cayman Islands, British Virgin Islands, China, Hong Kong, Indonesia, Malaysia, Singapore, Thailand, Myanmar, Vietnam, New Zealand, and Australia.Source: SEC Form 17-A (2019)

A diversified food company focused on branded consumer foods, agro-industrial products, and renewables.

Universal Robina Corporation

RL Commercial REIT, Inc. (RCR) was registered with the Securities and Exchange Commission (SEC) on May 16, 1988 as Robinsons Realty and Management Corporation primarily to acquire by purchase, lease or otherwise, and to own, develop, sell, mortgage, lease, and hold for investment or otherwise, real estate of all kinds. On April 15, 2021, the SEC approved the change in name to the present one as well as the change in primary purpose to that of a real estate investment trust.RCR's principal investment strategy is to invest on a long-term basis in a diversified portfolio of income-producing real estate assets, leased primarily for office purposes, and located in major central business districts and key cities and urban areas across the country. The Company's sponsor is Robinsons Land Corporation (RLC).On April 15, 2021, a deed of assignment was executed between RCR and RLC for the assignment, transfer, and conveyance by RLC of several properties to the Company in the form of buildings and condominium units, excluding the land wherein the buildings and the condominium units are situated, in exchange for shares. These assigned properties consist of: (i) the buildings and related immovable property in respect of Cyberscape Alpha, Cyberscape Beta, Tera Tower, Cyber Sigma, Exxa-Zeta Tower, Robinsons Cybergate Cebu, Robinsons Galleria Cebu, Robinsons Place Luisita 1, Cybergate Naga and Cybergate Delta 1, and (ii) 96 condominium units in Robinsons Equitable Tower and 31 condominium units in Robinsons Summit Center.RCR's initial portfolio of 14 assets is comprised of these assigned properties as well as Robinsons Cybergate Center 2 and Robinsons Cybergate Center 3 in Mandaluyong City. The land on which nine of the assigned properties are situated is leased by the Company from the sponsor, while Cyber Sigma is subject to a lease agreement with the Bases Conversion Development Authority.Source: Prospectus (2021)

A REIT focused on long-term investments in income-producing office properties in key urban areas.

RL Commercial REIT, Inc.

GT Capital Holdings, Inc. (GTCAP) was incorporated on July 26, 2007 as a holding company. GTCAP is the primary vehicle for the holding and management of the diversified business interests of the Ty family in the Philippines. The Company holds interests in banking; automotive assembly; importation; distribution and financing; property development; life and non-life insurance; and infrastructure and utilities. GTCAP's subsidiaries are Federal Land, Inc.; Toyota Motor Philippines Corporation; Toyota Manila Bay Corp.; and GT Capital Auto Dealership Holdings, Inc. The Company also has significant shareholdings in Metropolitan Bank & Trust Company; Metro Pacific Investments Corporation; Philippine AXA Life Insurance Corporation; Toyota Financial Services Philippines Corporation; and Sumisho Motor Finance Corporation.Source: SEC Form 17-A (2019)

Diversified holdings in banking, automotive, property, insurance, and infrastructure in the Philippines.

GT Capital Holdings, Inc.

DMCI Holdings, Inc. (DMC) was incorporated on March 8, 1995 as a holding company to consolidate all construction business, construction component companies, and related interests of the Consunji family. The Company was listed on the Philippine Stock Exchange on December 18, 1995. In only a few years after incorporation, the Company expanded its business organization to include five major subsidiaries, namely: D.M. Consunji, Inc.; DMCI Project Developers, Inc.; Semirara Mining and Power Corporation; DMCI Power Corporation; and DMCI Mining Corporation. DMC and its subsidiaries are engaged in general construction, coal and nickel mining, power generation, real estate development, water concession and manufacturing.The Company has a 25% indirect ownership in Maynilad Water Services, Inc. through Maynilad Water Holding Company, Inc., a consortium with Metro Pacific Investments Corporation and Marubeni Philippines Corp.  Source: SEC Form 17-A (2019)

A diversified firm engaged in construction, mining, power generation, real estate, and water services.

DMCI Holdings, Inc.

Century Pacific Food, Inc. (CNPF) was incorporated on October 25, 2013. The Company is primarily engaged in the business of buying and selling, processing, canning, packaging, and manufacturing all kinds of food and food products. CNPF is a wholly-owned subsidiary of Century Pacific Group, Inc. (formerly Century Canning Corporation).The Company's current main business segments are the canned and processed fish segment which produces tuna, sardines, and other fish and seafood-based products; the canned meat segment which produces corned beef, meat loaf, luncheon meat, and other meat-based products; the dairy and mixes segment which comprises of canned milk, powdered milk, and other dairy products as well as coffee mixes and flavor mixes; the tuna export segment which produces private label canned, pouched, and frozen tuna products for export; and the coconut segment which produces retail-packaged coconut water, organic virgin coconut oil, desiccated coconuts, coconut flour, and coconut milk. Recognizable brands under these segments include "Century Tuna", "555", "Blue Bay", "Fresca", "Lucky Seven", "Argentina", "Swift", "Shanghai", "Wow", "Angel", "Birch Tree", "Kaffe de Oro", and "Home Pride".In recent years, the Company acquired the license to the Kamayan trademark in North America and the Middle East, as well as the Philippine license for Hunt's.CNPF's businesses were previously operated by different companies, namely Century Pacific Group, Inc. (CPG), Columbus Seafood Corporation (CSC), General Tuna Corporation (GTC), Pacific Meat Company, Inc. (PMCI), and Snow Mountain Dairy Corporation (SMDC). After the corporate restructuring in 2013, the operations of CPG and CSC were folded into CNPF under the canned and processed fish segment, while PMCI's operations were folded into CNPF under the canned meat segment. Only GTC and SMDC were retained as separate corporate entities and wholly-owned subsidiaries of CNPF. CNPF's wholly-owned subsidiaries are GTC; SMDC; Allforward Warehousing, Inc.; Century Pacific Agricultural Ventures, Inc.; Century Pacific Seacrest, Inc.; Century Pacific Food Packaging Ventures, Inc.; Centennial Global Corporation; Cindena Resources Limited; Century (Shanghai) Trading Company Limited; Century International (China) Company Limited; and Century Pacific North America Enterprise, Inc.Source: SEC Form 17-A (2019)

Engaged in processing and selling canned seafood, meats, and dairy products under various brands.

Century Pacific Food, Inc.

Semirara Mining and Power Corporation (SCC) was incorporated on February 26, 1980 to explore, develop, and mine the coal resources in Semirara Island, Caluya, Antique through a coal operating contract with the Department of Energy in 1977 (amended 1981). On August 18, 2014, the Securities and Exchange Commission approved the change in SCC's corporate name to include the word "power" in line with the forward integration of the Company's business as a coal supplier or producer to power generation through its wholly-owned subsidiaries.The Company generates its revenues through the production and sale of sub-bituminous coal. Currently, SCC has existing coal supply contracts with its own power subsidiaries as well as other power plants and cement manufacturers.As of December 31, 2019, SCC has six wholly-owned subsidiaries, namely, SEM-Calaca Power Corporation; SEM-Cal Industrial Park Developers Inc.; Southwest Luzon Power Generation Corporation; Semirara Claystone Inc.; Semirara Energy Utilities Inc.; and Southeast Luzon Power Generation Corporation.Source: SEC Form 17-A (2019)

Leading coal producer and power generator in the Philippines with multiple subsidiaries.

Semirara Mining and Power Corporation

AC Energy Corporation (ACEN), formerly AC Energy Philippines, Inc., was originally established and incorporated as Trans-Asia Oil and Mineral Development Corporation on September 8, 1969. The Company is engaged in power generation and trading, oil and mineral exploration, development and production. ACEN was registered as a wholesale aggregator and is a licensed retail electricity supplier, thereby allowing the Company to supply electricity to the contestable market.  In 2019, ACEN was formally transferred from the PHINMA Group to the Ayala Group after the latter acquired controlling interest. The Company subsequently changed to its present name, which the Securities and Exchange Commission approved on January 5, 2021.ACEN has approximately 1,000MW of attributable capacity in the Philippines. This is expected to increase with the planned infusion of AC Energy International, which has about 1,400 MW of attributable capacity. ACEN's aspiration is to be the largest listed renewables platform in Southeast Asia, with a goal of reaching 5GW of renewables capacity by 2025.As of December 2019, the Company's wholly-owned subsidiaries are Phinma Renewable Energy Corporation; CIP II Power Corporation; One Subic Oil Distribution Corp.; One Subic Power Generation Corporation; Phinma Power Generation Corporation; and Phinma Solar Energy Corporation. The Company also has stakes in Phinma Petroleum and Geothermal, Inc.; Palawan55 Exploration & Production Corporation; South Luzon Thermal Energy Corporation; ACTA Power Corporation; and Maibarara Geothermal, Inc. Source: SEC Form 17-A (2019)/Disc. No. 0124-2021

Engaged in power generation and trading, aiming for 5GW renewables capacity by 2025.

ACEN CORPORATION

Monde Nissin Corporation

Converge Information and Communications Technology Solutions, Inc. (CNVRG) was registered with the Securities and Exchange Commission on October 17, 2007 primarily to construct, install, maintain and operate in the Philippine information and communications system. In 2008, the Company was granted a congressional franchise under Republic Act No. 9707 with a term of 25 years effective until August 2034. CNVRG commenced fixed broadband internet operations in June 2012.CNVRG offers fixed broadband internet services to residential and enterprise customers. The fiber broadband plans are under the brands, "FiberX", "FiberXtreme", "MicroBiz", and "Air Internet". The Company also provides private data network solutions, cloud and colocation services and other connectivity solutions to enterprises of varying sizes, industries and types. In addition, the Company offers add-on products and services such as speed boosts and pay TV.As of June 30, 2020, CNVRG's domestic network spanned over 35,000 kilometers, covering 200 cities and municipalities across Luzon (including Metro Manila) and reaching approximately 4.1 million homes. Source: Prospectus (2020)

Provider of fixed broadband, private data networks, and cloud services in the Philippines.

Converge Information and Communications Technology Solutions, Inc.

Manila Water Company, Inc. (MWC) was incorporated on January 6, 1997 to provide water treatment, sewerage and sanitation, distribution services, pipeworks, and management services to residential, commercial, and industrial customers. MWC was a joint venture among Ayala Corporation (AC), United Utilities Pacific Holdings, BV and Mitsubishi Corporation until it became a subsidiary of AC in 2010.MWC holds the exclusive right to provide water and used water services to the East Zone of the franchise area of the Metropolitan Waterworks and Sewerage System (MWSS) pursuant to the concession agreement entered into between the Company and MWSS on February 21, 1997. The East Zone encompasses 23 cities and municipalities spanning a 1,400-square kilometer area that includes Makati, Mandaluyong, Pasig, Pateros, San Juan, Taguig, Marikina, most parts of Quezon City, portions of Manila as well as 14 towns of Rizal province.The Company has three wholly-owned subsidiaries namely, 1) Manila Water Philippine Ventures, Inc. (MWPV), the holding company for all of MWC's domestic operating subsidiaries including those who have bulk water supply deals in Clark, Cebu, Boracay, Davao, among others; 2) Manila Water Asia Pacific Pte. Ltd. (MWAP), the holding company for MWC's international ventures which include Indonesia, Thailand, and Vietnam-based affiliates and associates; and 3) Manila Water Total Solutions Corporation, which handles after-the-meter products and services. MWC also owns 90% of Calasiao Water Company, Inc. Source: SEC Form 17-A (2019)

Provides water and wastewater services in Metro Manila's East Zone, with domestic and international ventures.

Manila Water Company, Inc.

Puregold Price Club, Inc. (PGOLD) was incorporated on September 8, 1998 as a company involved in the business of trading goods such as consumer products on a wholesale and retail basis. The Company opened its first store in Mandaluyong City in December 1998. PGOLD's loyalty program, "Tindahan ni Aling Puring", was launched in 2004. The Company conducts its operations through several retail formats and store brands. Hypermarkets, through "Puregold Price Club", offer a variety of food and non-food products and generally cater to both retail customers and resellers such as members of the Company's loyalty program. Supermarkets, through "Puregold Junior", operate as a neighborhood store which offers a higher proportion of food to non-food products vis-a-vis the Company's hypermarkets. Discounters, through "Puregold Extra", operate in a small store format that offers a more limited number of goods. Meanwhile, S&R Membership Shopping adopts a warehouse club concept where most of the products offered are in club packs. Majority of the merchandise are imported brand names mostly sourced from the US.Among others, PGOLD also owns Estenso Equities, Inc., which is the holding company for two companies, namely, Ayagold Retailers, Inc. and San Roque Supermarkets. PPCI Subic, Inc. is operating one Puregold branch in Subic Bay, Olongapo City. In 2018, PGOLD incorporated Purepadala, Inc. mainly to operate the remittance operation of the Company. By the end of 2019, PGOLD was operating a total of 229 hypermarkets, 102 supermarkets, 28 extras, 19 minimarts, 18 S&R warehouse clubs, and 38 S&R Quick Service Restaurants, for a total of 434 stores all over the country.Source: SEC Form 17-A (2019)

Leading retail chain in the Philippines with diverse formats, focusing on wholesale and consumer goods.

Puregold Price Club, Inc.

Philippine Trust Company (PTC), also known as Philtrust Bank, was incorporated on October 21, 1916. On June 5, 2007, the Bangko Sentral ng Pilipinas granted PTC the authority to operate as a universal bank. The Company offers domestic, international and trust services. Domestic services include checking accounts, savings accounts, time deposits, money market placements, business loans, transfer of funds and collections, remittances, securities investments and safety deposit boxes. International transactions involve commercial letters of credit, collections and remittances, foreign exchange, traveler's checks and FCDU transactions. Trust operations consist of trust placement, investment management, estate administration/trustee of bond issues, savings and pension plan administration, insurance trust, and acting as escrow agent and stock registrar and transfer agent. As of December 31, 2019, PTC has a network of 60 branches and 67 automated teller machines nationwide.Source: SEC Form 17-A (2019)

A universal bank offering domestic and international banking, trust services, with 60 branches nationwide.

Philippine Trust Company

PAL Holdings, Inc. (PAL) was originally incorporated on May 10, 1930 as Baguio Gold Mining Company. On September 23, 1996, the Securities and Exchange Commission (SEC) approved the change in the Company's name to Baguio Gold Holdings Corporation and the change in its primary purpose to that of a holding company. On January 19, 2007, the SEC approved another change in corporate name to the present one. The Company and its subsidiaries are primarily engaged in air transport of passengers and cargo within the Philippines and between the Philippines and several international destinations. The Group operates through its major subsidiaries: Philippine Airlines Inc., the Philippine national flag carrier, and Air Philippines Corporation, a subsidiary under common control that was indirectly acquired through Zuma Holdings Management Corporation in 2017.In February 2019, ANA Holdings, Inc., the parent company of All Nippon Airways, acquired a 9.5% equity ownership in PAL.Source: The Company (2020)/SEC Form 17-A (2019)

Engaged in air transport, operating Philippine Airlines and Air Philippines, with ties to ANA Holdings.

PAL Holdings, Inc.

Synergy Grid & Development Phils., Inc. (SGP) was originally incorporated on June 1, 1970 as Mankayan Minerals Development Company, Inc. On February 22, 1994, the Securities and Exchange Commission (SEC) approved the Company's change in corporate name to UEM Development Phils., lnc., and the change in primary purpose from engaging in mining activities to general construction and other allied businesses.On March 28, 2011, the SEC approved the change in corporate name to the present one, as well as the change in primary purpose to engage in power, energy, utilities, infrastructure and allied businesses.In January 2015, SGP entered into a shared services agreement with Monte Oro Grid Resources Corporation and Calaca High Power Corporation. The Company shall render monthly management consulting and financial advisory services and, in consideration of the services rendered, shall receive a monthly management fee from each entity. The shared services agreement is effective until December 31, 2021.Source: SEC Form 17-A (2019)

Engages in power, energy, and infrastructure development with consulting and advisory services.

Synergy Grid & Development Phils., Inc.

Philippine National Bank (PNB) was incorporated on July 22, 1916 to engage in the general commercial banking business. PNB provides a range of banking and financial services to corporate, middle-market, small and medium enterprises and retail customers, including overseas Filipino workers, as well as to the Philippine national government, national government agencies, local government units and government-owned and -controlled corporations in the Philippines.PNB's principal commercial banking activities include deposit-taking, lending, trade financing, foreign exchange dealings, bills discounting, fund transfers/remittance servicing, asset management, treasury operations, comprehensive trust services, retail banking and other related financial services.As of December 31, 2019, PNB has 715 branches and 1,626 automated teller machines nationwide. PNB also maintains 71 overseas branches, representative offices, remittance centers and subsidiaries across Asia, Europe, the Middle East, and North America.Source: The Company (2020)

A leading Philippine bank offering diverse financial services with extensive domestic and international reach.

Philippine National Bank

Robinsons Land Corporation (RLC) was incorporated on June 4, 1980 to serve as the real estate investment arm of JG Summit Holdings, Inc. RLC is engaged in the development and operation of shopping malls and hotels, and the development of mixed-use properties, office and residential buildings, as well as land and residential housing developments, including socialized housing projects located in key cities and other urban areas nationwide. RLC's operations are divided into five business divisions such as the commercial centers, residential, office buildings, hotels and resorts, and industrial and integrated developments.As of December 31, 2019, the Company's portfolio includes 52 shopping malls, 116 completed residential condominium buildings/towers/housing projects; 23 office buildings, and 20 hotel and resort properties. The hotels are under three brand segments, namely "Crowne Plaza Manila Galleria" and "Holiday Inn Manila Galleria", both managed by the Intercontinental Hotels Group; "Summit Ridge Tagaytay", "Summit Circle Cebu", "Summit Hotel Magnolia", "Summit Greenhills", "Summit Galleria Cebu" and "Summit Hotel Tacloban", which are under the "Summit" brand, and "Dusit Thani Mactan Cebu Resort", which is managed by Dusit Thani Company Limited; and a network of 11 "Go Hotels".RLC's subsidiaries are Robinson's Inn, Inc.; Robinsons Realty and Management Corporation; Robinsons Properties Marketing and Management Corporation; Robinsons (Cayman) Limited; Altus Angeles, Inc.; Altus Mall Ventures, Inc.; GoHotels Davao, Inc.; RLC Resources, Ltd.; Bonifacio Property Ventures, Inc.; Bacoor R and F Land Corporation; and RLGB Land Corporation.Source: SEC Form 17-A (2019)

Engaged in diverse real estate development, operating malls, hotels, and mixed-use properties.

Robinsons Land Corporation

Union Bank of the Philippines (UBP) was incorporated on August 16, 1968 originally known as Union Savings and Mortgage Bank and operates as a universal bank through its universal banking license acquired in July 1992. UBP has undertaken two bank mergers, first with International Corporate Bank in 1994 and then with International Exchange Bank in 2006. UBP offers a broad range of products and services, which include deposit and related services; corporate and middle market lending; consumer finance loans such as mortgage, auto loans and credit card; investment, treasury and capital market; trust and fund management; wealth management; remittance; cash management and electronic banking; and bancassurance.UBP's active subsidiaries include City Savings Bank, Inc. (CSBI); First Agro-Industrial Rural Bank, Inc. (under CSBI); Petnet, Inc. (under CSBI); Bangko Kabayan, Inc. (under CSBI); UBX Philippines Corporation; UBP Investments Corporation, formerly Union Properties, Inc.; First Union Direct Corporation; First Union Plans, Inc.; and First Union Insurance and Financial Agencies, Inc.As of March 31, 2020, UBP has 393 branches and 478 automated teller machines nationwide.Source: The Company (2020)

Universal bank offering diverse financial services, with extensive branch and ATM network in the Philippines.

Union Bank of the Philippines

Apex Mining Company, Inc. (APX) was incorporated on February 26, 1970 primarily to carry on the business of mining, milling, concentrating, converting, smelting, treating, preparing for market, manufacturing, buying, selling, exchanging and otherwise producing and dealing in gold, silver, copper, lead, zinc brass, iron, steel and all kinds of ores, metals and minerals. The Company's operation is situated in Maco, Compostela Valley.The Company's mine produces bullions containing gold and silver. All of its production, as well as the incidental production of its wholly-owned subsidiary, Itogon-Suyoc Resources, Inc. (ISRI), were smelted and refined by Heraeus Ltd. in Hong Kong. APX obtained full ownership of ISRI in August 2016. ISRI owns the mill and production facilities of the Sangilo and Suyoc mines in Itogon, Benguet.In October 2014, APX acquired 100% ownership of Monte Oro Resources & Energy, Inc. (MOREI), and Prime Metroline Holdings, Inc. and other MOREI shareholders used the proceeds of the sale of their shares in MOREI to subscribe to new shares in the Company and in the process acquire control of the Company, diluting to a small minority the ownership of Mindanao Gold Ltd. and Mapula Creek Gold Corporation.Source: SEC Form 17-A (2019)

Gold and silver mining firm with assets in Compostela Valley and Itogon, owning multiple production facilities.

Apex Mining Co., Inc.

Ginebra San Miguel, Inc. (GSMI), incorporated on July 10, 1987, is a majority-owned subsidiary of San Miguel Corporation, whose ultimate parent company is Top Frontier Investment Holdings, Inc. The Company is primarily engaged in the manufacture and sale of alcoholic and non-alcoholic beverages until it disposed its non-alcoholic beverage assets in favor of San Miguel Brewery Inc. in April 2015. GSMI operates three liquor bottling facilities that are located in Cebu, Pangasinan, and Laguna. The Company also entered into toll manufacturing agreements with third parties for the production of alcoholic and non-alcoholic beverages. GSMI's flagship product is Ginebra San Miguel. The Company's other products include G.S.M. Blue, Gran Matador Brandy, Primera Light Brandy, Antonov Vodka, and Vino Kulafu among others. In 2017, the Company released two new variants of G.S.M. Blue – Margarita and Gin Pomelo. In May 2019, GSMI re-launched its Anejo Gold Rum in select cities in Visayas and Mindanao.Among GSMI's significant domestic subsidiaries are Distileria Bago, Inc., an entity with a distillery located in Negros Occidental that converts sugar cane molasses into alcohol; and East Pacific Star Bottlers Phils Inc. (EPSBPI), which is principally engaged in the toll-manufacture and bottling of alcoholic and non-alcoholic beverages. Meanwhile, to expedite regional expansion, GSMI also incorporated and acquired international units, including those located in Thailand.Source: SEC Form 17-A (2019)

Major player in alcoholic beverages with key products like Ginebra San Miguel and various rums.

Ginebra San Miguel,  Inc.

OceanaGold (Philippines), Inc.

Megaworld Corporation (MEG) was incorporated on August 24, 1989 to engage in real estate development, leasing and marketing. In 1996, the Company shifted its focus to providing office buildings to support BPO businesses when it began development of the Eastwood City township. On August 19, 1999, MEG changed its corporate name to the present one to coincide with its conversion from a purely real estate company into a holding company, although the Company continues to focus on its core competence in real estate development.MEG's real estate portfolio includes residential condominium units, subdivision lots and townhouses as well as office projects and retail spaces. The Company has three primary business segments: real estate sales of residential developments; leasing of office space, primarily to BPO enterprises, and retail space; and management of hotel operations. Since its incorporation, the Company and its affiliates have launched approximately 722 residential buildings, 70 office towers, 24 lifestyle malls, and 11 hotel brands including condotels.The Company's subsidiaries and associates include Richmonde Hotel Group International Limited; Eastwood Cyber One Corporation; Suntrust Properties, Inc.; Empire East Land Holdings, Inc.; Global-Estate Resorts, Inc.; and Bonifacio West Development Corporation, among others.Source: SEC Form 17-A (2019)

Real estate developer focused on residential, office, and retail spaces, supporting BPOs and hospitality.

Megaworld Corporation

Alliance Global Group, Inc. (AGI) was incorporated on October 12, 1993 and listed its shares on the Philippine Stock Exchange on April 19, 1999. AGI began operations in 1994 as a glass-container manufacturer after it acquired a glass manufacturing plant in Canlubang, Laguna. In 1999, the Company obtained approval from the Securities and Exchange Commission to broaden its primary business into that of a holding company. AGI is presently engaged in the business of property development, food and beverage manufacture and distribution, quick service restaurants and integrated tourism development. AGI began diversifying into infrastructure in 2017 and, in 2018, received an original proponent status for its Skytrain monorail project and its consortium airport project.AGI's subsidiaries are Emperador Inc.; Megaworld Corporation; Travellers International Hotel Group, Inc.; Golden Arches Development Corporation; and Infracorp Development, Inc.Source: SEC Form 17-A (2019)

Engaged in property development, food and beverage, tourism, and infrastructure projects.

Alliance Global Group, Inc.

Nickel Asia Corporation (NIKL) was incorporated on July 24, 2008 with the Securities and Exchange Commission primarily to engage in the business of mining of all kinds of ore, metals, and minerals and in the business of generation, transmission, distribution and supply of electricity to cities and other localities. The Company owns four mines operated by its subsidiaries: the Rio Tuba mine in Palawan operated by Rio Tuba Nickel Mining Corporation; the Taganito mine operated by Taganito Mining Corporation and the Tagana-an mine in operated by Hinatuan Mining Corporation, both in Surigao del Norte; and the Cagdianao mine in Dinagat Islands operated by Cagdianao Mining Corporation.NIKL has other properties in various stages of exploration for nickel, while continuing to seek opportunities in copper and gold. The Company also exports saprolite and limonite ore to customers in Japan and China. NIKL's other wholly-owned subsidiaries include La Costa Shipping and Lighterage Corporation; Dinapigue Mining Corporation; and Samar Nickel Mining Resources Corporation. The Company also owns 86.29% of Emerging Power, Inc., which has solar, wind, and geothermal service contracts.Source: SEC Form 17-A (2019)

Engaged in nickel mining and electricity generation, with multiple mines and renewable energy projects.

Nickel Asia Corporation

Asian Terminals, Inc. (ATI), formerly known as Marina Port Services, Inc., was incorporated on July 9, 1986 to provide general services with respect to the operation and management of port terminals in the Philippines. In August 1990, a consortium of local and foreign companies acquired all the issued and outstanding capital stock of ATI. ATI manages and operates the South Harbor pursuant to the contract for cargo handling and related services granted by the Philippine Ports Authority effective until May 2038. The services offered by the Company at the South Harbor include container terminal handling arrastre, stevedoring, storage, cranage, domestic cargo handling and passenger terminal operations, international container freight station and equipment services. The Company likewise manages and operates the Inland Clearance Depot in Manila, which is an extension of the Port of Manila and as a customs bonded facility. ATI also operates through its subsidiaries ATI Batangas Inc. (ATIB), 99.17% owned, in Port of Batangas, Batangas Container Terminal, and Batangas Supply Base. ATIB operates and manages the Batangas Supply Base within the Port of Batangas under a contract with Shell Philippines Exploration B.V. ATI also owns 35.71% of South Cotabato Integrated Port Services, Inc., the existing cargo handling operator at the Makar Wharf in the Port of General Santos, General Santos City. Source: SEC Form 17-A (2019)

Leading Philippine port operator managing South Harbor and Batangas Container Terminal services.

Asian Terminals, Inc.

First Gen Corporation (FGEN) was incorporated and registered with the Securities and Exchange Commission on December 22, 1998. FGEN and its subsidiaries are involved in the power generation business. FGEN is the largest clean and renewable Independent Power Producer in the Philippines, with a total installed capacity of 3,492 MW as of December 31, 2019. The Company owns power plants which utilize natural gas, geothermal, wind, hydro and solar power, all of which are operational and majority-owned and controlled by FGEN through its subsidiaries. These subsidiaries include, among others, First Gas Power Corporation, FGP Corp., First Gen Hydro Power Corporation, First Gen Energy Solutions, Inc., First NatGas Power Corp., Prime Meridian Powergen Corporation, FG Bukidnon Power Corporation, and Energy Development Corporation.As of December 31, 2019, First Philippine Holdings Corporation directly and indirectly owns 67.59% and 66.98%, respectively, of the common shares of FGEN and 100% of FGEN's voting preferred shares. Lopez, Inc. is the ultimate parent company of FGEN. Source: SEC Form 17-A (2019)

Leading Philippine independent power producer with 3,492 MW capacity in clean energy sources.

First Gen Corporation

Solar Philippines Nueva Ecija Corporation (SPNEC) was incorporated and registered with the Securities and Exchange Commission on November 23, 2016 as a renewable energy power generation company. The primary purpose of SPNEC is to construct, erect, assemble, commission, operate and maintain power-generating plants, warehouses, terminals, and related facilities for the conversion of renewable energy into usable form fit for electricity generation and distribution.The Company's product is electricity generated from its solar plant and sold through bilateral contracts with its customers or directly to the spot market. On August 22, 2017, the Department of Energy (DOE) awarded SPNEC's affiliate, Solar Philippines Commercial Rooftop Projects, Inc. (SPCRPI), a solar energy service contract for the exclusive right to explore and develop the Sta. Rosa Nueva Ecija 2 Solar Power Project located in Santa Rosa, Peñaranda and San Lorenzo, Nueva Ecija. On December 29, 2017, SPCRPI executed a deed of assignment transferring all its rights and obligations under the service contract to SPNEC, which DOE acknowledged and approved in February the following year.SPNEC is a wholly-owned subsidiary of Solar Philippines Power Project Holdings, Inc., which is part of the SP Group, an integrated developer, owner and operator of solar power projects. As of June 30, 2021, the Company has not yet started commercial operations.Source: Prospectus (2021)

Renewable energy firm focused on solar power generation and development in the Philippines.

SP New Energy Corporation

Leisure and Resorts World Corporation (LR) was originally incorporated on October 10, 1957 as Atlas Fertilizer Corporation and engaged in fertilizer and industrial chemicals production. As part of its corporate restructuring in 1996, LR's primary purpose was amended in 1999 to engage in realty development focusing on leisure business.Among LR's subsidiaries is AB Leisure Exponent, Inc. (ABLE), which provides amusement and recreation to the public in traditional, electronic, pulltabs and rapid bingo games. As of December 31, 2018, ABLE and its subsidiaries/affiliates operate around 10,536 machines were installed in 153 affiliated bingo parlors. The Company also owns 100% of Total Gamezon Xtreme, Inc., which is the assignee and purchaser of the assets, rights, and interests of Digiwave Solutions, Inc., which in turn is the operator and licensee of PAGCOR eGames stations.LR's other direct subsidiaries include Blue Chip Gaming and Leisure Corporation; First Cagayan Leisure & Resort Corporation; LR Data Center Solutions Inc.; AB Leisure Global, Inc.; LR Land Developers, Inc.; Bingo Bonanza (HK) Limited; Prime Investment Korea, Inc.; and Hotel Enterprises of the Philippines, Inc.Source: SEC Form 17-A (2019)

Focuses on leisure realty development and operates extensive gaming and amusement facilities.

DigiPlus Interactive Corp.

Asia United Bank Corporation (AUB) was incorporated on October 3, 1997 and was granted authority to operate as a commercial bank on September 3, 1997. AUB began its commercial operations on October 31, 1997. In 2012, it obtained approval from the Bangko Sentral ng Pilipinas to upgrade its license into expanded commercial banking status. In 2013, AUB joined the league of Philippine Banks that have become publicly listed and acquired universal banking status.In addition to commercial banking, with AUB's universal bank status, the Company is authorized with the powers of an investment house, such as securities underwriting and trading, loan syndication, financial advisory, private placement of debt and equity securities, project finance, and direct equity investment; and the power to invest in allied and non-allied enterprises. As of December 2019, AUB has four subsidiaries, namely, Asia United Leasing and Finance Corporation, Rural Bank of Angeles, Cavite United Rural Bank, and RediMoney Express PTE Limited (formerly Pinoy Express PTE Ltd). By the end of 2019, the Company, together with its subsidiaries, had a network of 262 branches.Source: SEC Form 17-A (2019)

Philippine commercial bank with universal banking status, offering diverse financial services and 262 branches.

Asia United Bank Corporation

Rizal Commercial Banking Corporation (RCB) was originally incorporated on September 23, 1960 under the name Rizal Development Bank and began operations as a private development bank in the province of Rizal. The Company was acquired in 1962 by members of the Yuchengco Group of Companies, a financial services conglomerate with market presence in insurance and other risk management services. In 1963, RCB received approval from the Bangko Sentral ng Pilipinas to operate as a commercial bank and began operations under its present name. RCB acquired its universal banking license in 1989.RCB offers commercial, corporate and consumer lending products, cash management products, treasury products, and remittance services. RCB also enters into forward currency contracts as an accommodation to its clients and as a means of managing its foreign exchange exposures. RCB and its subsidiaries are engaged in all aspects of traditional banking, investment banking, retail financing (auto, mortgage/housing loans, credit cards and microfinance loans), remittance, leasing, foreign exchange and stock brokering.The Company's subsidiaries include RCBC Capital Corporation; RCBC Securities, Inc.; RCBC Savings Bank, Inc.; RCBC Forex Brokers Corporation; RCBC International Finance Limited; RCBC North America, Inc.; RCBC TeleMoney Europe S.p.a.; and RCBC Leasing and Finance Corporation.As of December 31, 2019, RCB has 507 business centers, inclusive of 11 extension offices and supplemented by 1,530 automated teller machines. Source: SEC Form 17-A (2019)

A universal bank offering diverse financial services, including lending, remittance, and investment banking.

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