The EY Entrepreneur Of The Year 2024 Philippines has concluded its search for the country’s most visionary leaders who are shaping opportunities and transforming industries. It is a program of the SGV Foundation, Inc., with co-presenters: the Asian Institute of Management, the Department of Trade and Industry, the Philippine Business for Social Progress and the Philippine Stock Exchange.
Antonio L. Co
President
Carrascal Nickel Corp.
ANTONIO “TONY” L. CO, President of Carrascal Nickel Corp. (CNC), believes his hands-on experience from the very beginning of his entrepreneurial journey has provided him with valuable business insights and a deeper understanding of both his customers and employees’ needs.
Born in Tondo, Manila – the second of five children raised by a single mother – Mr. Co a daily struggle against economic setbacks. At the age of 14, he left school and worked as a delivery boy in a small hardware store to help put food on the family table.
He later became a freelance sales agent until he saved enough to start his first buying and selling steel company and eventually his first steel mill, First Tandem Steel Resources, Inc. He also opened a second factory, Grand Asia Metal Corp. , to expand its business and set a precedent for the culture of continuous improvement that would define its business ethos.
Mr. Co acquired a mining site in Carrascal, Surigao del Sur, the country where CNC now operates, and identified a niche in the market by selling iron, a component of nickel that was not traditionally sold in the market at the time. This strategic pivot diversified CNC’s product offering and opened new markets.
But success is rarely a straight path. Mr. Co suffered a setback when the market price of nickel took a nosedive. The sudden economic downturn forced him to shut down his activities for a year, but he used this time to determine a strategy. Mr. Co has made significant cuts in extraction costs while maintaining product quality. Although the market had not fully recovered when operations resumed, its operational efficiency measures kept the company afloat until the market price for nickel recovered.
When asked about his mistakes and failures, Mr Co said that taking risks inevitably means making mistakes. He views failure as an opportunity to improve and as a springboard for both personal and professional growth. He turns setbacks into lessons, strengthening his commitment to lifelong learning.
Today, CNC employs almost 500 people. Mr. Co leads his team by fostering an organizational culture rooted in empowerment and collaboration. He places a strong emphasis on maintaining professional relationships, understanding the company’s operational processes and diversifying productsFoffers and meeting customer preferences.
His leadership has not only led CNC to success, but has also earned the company accolades for its environmental stewardship and social responsibility, including the prestigious Presidential Mineral Industry Environmental Award Selection Committee Platinum Achievement Award for three consecutive years, from 2021 to 2023.
CNC’s commitment to sustainability is evident in its progressive rehabilitation efforts. The company has taken initiatives to create stable landforms, restore soils and restore native vegetation through reforestation programs. This eFforts are part of CNC’s strategy to ensure the long-term sustainability of the local environment and reflect Mr Co’s belief that mining activities and environmental protection can coexist.
Mr. Co’s entrepreneurial spirit is also reflected in his advocacy for the Philippine nickel industry. As a founding member of the Philippine Nickel Industry Association, he has been instrumental in positioning the Philippines as one of the largest exporters of nickel ore. His eFforts have advanced industry and contributed to the country’s economic growth.
As Mr. Co looks to the future, he remains focused on growth, both for his companies and for the people around him. He sees a future in which his employees, like him, grow from the ground up.
The journey of Mr. Co reflects the process of nickel mining itself. Just as miners dig deep into the earth’s crust and extract valuable ore with persistence and precision, Mr. Co dug deep into the foundation of his own determination, uncovering a wealth of determination and insight that would ultimately form the foundation of CNC.
His story is a powerful reminder that beneath the surface of every obstacle lies an opportunity waiting to be discovered, and that the most lasting successes are often those that are built from the ground up, layer by layer.
The media sponsors are Business world and the ABS-CBN News Channel. The gold sponsors are SteelAsia Manufacturing Corp., Uratex and Converge ICT Solutions, Inc. The silver sponsor is International Container Terminal Services, Inc. The bronze sponsor is Lausgroup Holdings, Inc.
The winners will be announced on October 23, 2024. The EY Entrepreneur of the Year 2024 Philippines will represent the country in the World Entrepreneur of the Year 2025 in Monte Carlo, Monaco in June 2025. The EY Entrepreneur of the Year program is produced worldwide by Ernst & Young (EY).