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Do we like San Miguel Corporation?

Philippine conglomerate: beer, food, spirits, power, fuel, infrastructure and the Bulacan airport project. Based in Manila.

Our score: 4 out of 10. A huge, powerful Philippine conglomerate with real jobs and infrastructure, but the Manila Bay airport has drawn environmental and eviction complaints. We'd be wary.

San Miguel Corporation is one of the Philippines' biggest conglomerates. It started in beer and has since expanded into power, oil and construction. Ramon Ang has run it since 2002, and he formally became CEO in 2021, according to Manila Bulletin.

It's very much a family-flavoured empire. Manila Bulletin reported in 2025 that Ang's children are taking bigger roles. One son joined the Ginebra San Miguel board and a daughter became CFO of SMFB.

The big drama is the New Manila International Airport in Bulacan. Global Witness reported that about 700 families faced eviction for it, and that around half reportedly got no compensation. Kalikasan PNE argued the project didn't properly assess risks to Manila Bay.

SMC pushes back. Its chief denied the company caused flooding in Bulacan and said the airport doesn't create new land from Manila Bay. Our searches found no fines. We're mixed, leaning cautious.

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