San Miguel Corporation (SMC), with a 135-year history, and Ramon S. Ang, its longtime Chairman and CEO, are essential to any discussion of the Philippine economy. Though it began as a brewer, the company today spans energy, infrastructure, oil, food, and many other sectors. Here is an overview of the real picture behind SMC.
Overview of San Miguel Corporation
Establishment and History
Founded in 1890 as a brewery producing a single product (beer) in the Philippines, SMC has more than 135 years of history and has been listed on the Philippine Stock Exchange (formerly the Manila Stock Exchange) since November 5, 1948. Headquartered in Mandaluyong City, it is now the Philippines’ largest and most diversified conglomerate.
Business Scale
• 2025 revenue: approximately ₱1.5 trillion (about $27.5 billion per Fortune’s tally), equivalent to roughly 5.3% of Philippine GDP
• Consolidated total assets: approximately ₱2.7 trillion (as of end-September 2025), total liabilities approximately ₱1.9 trillion, shareholders’ equity approximately ₱733 billion
• Employees: approximately 55,000–59,000 (end of 2025); about 64% are based outside Metro Manila
• The only Philippine company to rank in Fortune’s Southeast Asia 500 top 10
• In 2025, SMC returned about 95% of total revenue (₱1.43 trillion) to suppliers, employees, investors, local communities, and government
Key Business Segments
• Food and Beverage: Beer (San Miguel Pale Pilsen, Red Horse, etc.), distilled spirits (Ginebra San Miguel), meat processing (Purefoods), dairy (Magnolia), animal feed (B-MEG)
• Packaging: Glass, metal, plastic, paper, and composite packaging materials, plus beverage filling services. 17 overseas locations across China, Vietnam, Malaysia, Australia, and New Zealand
• Energy: One of the Philippines’ largest power generation businesses, with 5,710 MW of generating capacity — about 25% of the Luzon grid
• Fuel and Petroleum: Through Petron, the Philippines’ only oil refining and marketing company, also operating in Malaysia. About 1,800 service stations domestically and about 800 in Malaysia
• Infrastructure: Expressways (SLEX, Skyway, etc.), MRT-7, renovation and operation of Ninoy Aquino International Airport (NAIA), and construction of the New Manila International Airport (Bulacan Province, 2,500 hectares)
• Cement: Eagle Cement, Northern Cement, and others
• Real Estate and Banking: San Miguel Properties, Bank of Commerce (31.94% stake)
Overseas Expansion
Overseas operations accounted for 26.27% of consolidated revenue and 11.42% of consolidated net income in 2025. By market (share of revenue): Malaysia 16.56%, Singapore 7.65%, Australia 0.75%, China 0.71%, Indonesia 0.27%, and Vietnam 0.14%. The beer business (San Miguel Brewing International) operates in Hong Kong, China, Vietnam, Thailand, and Indonesia, and exports to around 50 countries. The packaging business also has 17 production sites across China, Vietnam, Malaysia, Australia, and New Zealand.
About Ramon S. Ang
Basic Information
Born January 14, 1954, Ramon S. Ang is a Chinese-Filipino businessman also known by his initials, “RSA.” He earned a bachelor’s degree in mechanical engineering from Far Eastern University.
Career and Positions
• Chairman and CEO of San Miguel Corporation (formally took the President title in 2021; Vice Chairman since 1999)
• President and CEO of Top Frontier Investment Holdings, SMC’s largest shareholder
• Holds numerous chairmanships across group companies including Petron, Eagle Cement, San Miguel Global Power, and SM Infrastructure
• Started his career repairing and selling used Japanese car and truck engines, later launching an alloy-wheel business with the late Eduardo Cojuangco Jr.
• In 2024, he appointed his son, John Paul Ang, as Vice Chairman, President, and COO, delegating part of management to him
Personal Profile
Guided by the philosophy that “business is a force for positive change,” Ang is known as an executive who emphasizes “nation-building” through infrastructure development — airports, expressways, and railways. He collects and restores vintage cars as a hobby, a shared interest through which he grew close to the late Eduardo Cojuangco Jr. He is also known as the Philippines’ largest private owner of aircraft, combining both fixed-wing and rotary-wing planes.
Ties to Japan
Known as a “Japanophile,” Ang is said to be fond of Japanese culture broadly. He owns the upscale Diamond Hotel Manila Bay along Roxas Boulevard in Manila (acquired from Japanese interests; the property was formerly part of the ANA Hotels chain), which served as the lodging for then-Prime Minister Shinzo Abe during the 2015 APEC summit.
San Miguel Beer and Kirin Holdings’ Ownership Stake
The shareholder composition of San Miguel Brewery (SMB) is as follows.
• San Miguel Food and Beverage (SMFB, a San Miguel subsidiary): 51.7% (51% in some sources)
• Kirin Holdings: 48.3% (48% in some sources)
The two companies built their partnership in 2009, when Kirin acquired a 43.2% stake in SMB for approximately ¥120 billion (₱5.89 billion). At the same time, Kirin sold its 19.9% stake in San Miguel Corporation itself, using part of the proceeds to help fund the acquisition. Kirin Ichiban continues to be sold exclusively in the Philippines today through SMB.
Sources: San Miguel Corporation SEC Form 17-A (annual report for fiscal year ended December 2025), Forbes, Tatler Asia, Wikipedia (“San Miguel Corporation,” “Ramon Ang,” “San Miguel Brewery”), Rappler, FinanceAsia, Investing.com, Philippine News Agency (2025–2026 releases)
コメント