From the ground up

The EY Entrepreneur Of The Year 2024 Philippines has concluded its search for the country’s most visionary leaders 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), thinks that his hands-on experience from the very beginning of his entrepreneurial journey has given him 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’s early life was a daily struggle against economic hardship. At 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 launch his first buy-and-sell steel business and eventually, his first steel manufacturing plant, First Tandem Steel Resources, Inc. He also opened a second plant, Grand Asia Metal Corp., to expand his operations, setting a precedent for the culture of continuous improvement that would define his business ethos.

Mr. Co acquired a mining site in Carrascal, Surigao del Sur, the land 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 back then. This strategic pivot diversified CNC’s product offerings and opened new markets.

But success is seldom a straight path. Mr. Co faced a setback when the market price of nickel took a nosedive. The sudden economic downturn forced him to halt operations for a year, but he used this time to strategize. Mr. Co made significant cuts in extraction costs, while still maintaining product quality. Although the market had not fully recovered when operations resumed, his operational efficiency measures kept the company afloat until the market price for nickel recovered.

When asked about his mistakes and failures, Mr. Co said being a risk-taker inevitably means making mistakes. He treats failure as an opportunity to improve and a steppingstone toward both personal and professional growth. He transforms setbacks into lessons, reinforcing his commitment to lifelong learning.

Today, CNC employs nearly 500 people. Mr. Co manages his team by fostering an organizational culture rooted in empowerment and collaboration. He places a strong emphasis on nurturing professional relationships, understanding operational processes of the business, diversifying product offerings and meeting client preferences.

His leadership has not only steered CNC to success but 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 straight 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 re-establish native vegetation through reforestation programs. These 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 co-exist.

Mr. Co’s entrepreneurial spirit is also evident in his advocacy for the Philippine nickel industry. As one of the founders of the Philippine Nickel Industry Association, he has been instrumental in positioning the Philippines as a top exporter of nickel ore. His efforts have helped advance the industry and contributed to the country’s economic growth.

As Mr. Co looks to the future, he remains focused on growth, both for his businesses and the people around him. He sees a future where his employees, like him, grow from the grassroots.

Mr. Co’s journey mirrors the process of nickel mining itself. Just as miners delve deep into the earth’s crust, extracting valuable ore through persistence and precision, Mr. Co dug deep into the bedrock of his own resolve, unearthing a wealth of determination and insight that would eventually forge 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 enduring successes are often those that are built, layer by layer, from the ground up.

The media sponsors are BusinessWorld 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 Oct. 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 globally by Ernst & Young (EY).