MANILA Water has improved its position in the 2025 Fortune Southeast Asia 500 list, rising to 384th from 435th in 2024.
The ranking includes companies from seven countries—Indonesia, Thailand, Malaysia, Singapore, Vietnam, Cambodia, and the Philippines—with minimum revenues of $349.4 million.
The companies collectively reported $1.82 trillion in total revenue for 2024.
The list highlights the shifting role of Southeast Asia in global supply chains, with companies in the region increasingly attracting investment as manufacturing moves out of China.
Fortune notes that the region is becoming a key player in industries such as electric vehicles, mining, and artificial intelligence.
Manila Water’s climb in the rankings reflects its consistent performance in a competitive utility sector, but it also comes amid heightened scrutiny over water access, infrastructure challenges, and regulatory expectations in Metro Manila.
The company’s inclusion does not exempt it from long-standing criticisms around water service reliability and privatized utilities in the Philippines.
The ranking is based solely on reported revenue from fiscal year 2024, including income from subsidiaries and discontinued operations. While the recognition places Manila Water among the region’s top earners, questions remain about how such profits translate into equitable and sustainable service for the communities it serves.