This story appears in the August 2022 issue of Forbes Asia. Subscribe to Forbes Asia

This article is part of Forbes article on richest people in the Philippines 2022.See full list here.

rising ore prices And a global nickel shortage wasn’t enough to hone the fortunes of metal tycoons Manuel Zamora Jr. When Philip Ann, which derives its wealth from shares in Nickel Asia, the largest nickel producer in the Philippines. After rallying more than 50% earlier this year on strong earnings, stocks have bounced back as rising inflation and rising global interest rates hit Philippine stocks. Nickel His Asian founder, Zamora, dropped one spot on the list to his 32nd place, with a net worth of $430 million. Ang dropped four places to his 49th spot with his $190 million net worth.

Nickel Asia’s net profit rose 41% to Ps.3.8 billion ($67 million) in the first six months as the price of nickel, a key component of stainless steel and electric vehicle batteries, soared, bringing revenues to Ps.7. % increased. to 11.8 billion pesos. Another bright spot is that global consumption is expected to continue increasing over the next five years, according to data platform Knoema.

Meanwhile, the company is expanding its solar business through its subsidiary Emerging Power as part of its shift to renewable energy. This year, he plans to increase the capacity of the Subic Bay Freeport Zone project to 100 megawatts, and has signed an agreement with British Shell Group to develop a 1 gigawatt renewable energy project in the Philippines by 2028. tied.

The move represents “a new vision for our future,” Nickel Asia president and CEO Martin Zamora said in March. His father, former honorary chairman Manuel, was appointed advisor to the board last year. Anne, who stepped down as vice chairman of Nickel Asia in June, is also an advisor to the board.



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