San Miguel Corporation (SMC), the Philippines' largest food and beverage company, ended the year 2000 with a recurring net income of P7.5 billion ($170 million(a)), an increase of 25% over the previous year's P6.01 billion ($136 million). This reflects the sustained focus on performance and results of SMC's management team led by Chairman Eduardo Cojuangco, Jr., despite increased business challenges in the second semester of the year.