PHILIPPINE telecommunications giants PLDT Inc. and Globe Telecom, Inc. were respectively named the most valuable and strongest brands in 2023 by Brand Finance, a London-based brand valuation consulting firm.
PLDT’s brand value grew by 2% to $2.6 billion, making it the most valuable Filipino brand in 2023, Brand Finance said in a statement.
Brand Finance defines brand value as the net economic benefit that a brand owner would achieve by licensing the brand in the open market.
The growth in PLDT’s brand performance was due to its investment in the fiber industry, it noted.
“[This] led to a 45% improvement in year-on-year revenue. PLDT continues to focus on innovation as a driver to improve service and propel the nation towards becoming a financial and technology hub,” Brand Finance added.
The consultancy firm also highlighted PLDT’s environmental, social, and governance efforts through the deployment of the country’s first carbon fiber cell tower, which aims to reduce carbon dioxide emissions by up to 70%.
PLDT also deployed solar panels in its facilities across four cities to reduce over 137 tons of greenhouse gas emissions.
Following PLDT was BDO with a $2.2 billion brand value, Globe with $2 billion, Jollibee with $1.6 billion, and BPI with $1.3 billion.
The top six to 10 positions of the most valuable Filipino brands were filled by Metrobank, Meralco, Petron, Puregold, and Unionbank.
Meanwhile, Globe received an AAA brand strength rating despite a 2% decrease in its brand value.
Brand Finance attributed the decline in Globe’s brand value mainly to the depreciation of the peso against the US dollar.
“The brand is at the forefront of 5G network rollouts throughout the nation and aims to expand its global presence,” Brand Finance said.
In 2022, Globe brought 5G connectivity to 70 cities and towns, connecting over 3.9 million devices in its network.
The company also introduced 5G services to 11 new countries this year through partnerships with telecommunication brands around the world, such as T-Mobile, Digi Telecommunications, CTM, AT&T, and Wind Tre.
Jollibee was named the fastest-growing brand by Brand Finance, with its brand value rising by 53% while maintaining a brand strength rating of AA-.
“The brand’s impressive performance was driven by its video promotional campaign titled ‘Salamat sa Joy ng Muling Pagsasama,’ which highlighted the joy of eating out as pandemic restrictions eased,” the consultancy firm said.
“The campaign’s message resonated strongly with Filipinos who had lost precious family time during the pandemic, encouraging them to rekindle familial moments by having meals at Jollibee,” it added.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Justine Irish D. Tabile
