Philip Ang: Wealth, Business Empire, and Life Outside Work
A longtime stalwart of the mining and financial industries, Philip Ang, has carved a name for himself as one of the most influential business figures in the Philippines. In 2023, his net worth was $225 million, placing him in the 46th place in Forbes’ Philippines 50 Richest. While he didn’t make the cut in Forbes’ 2024 list, he continues to hold key leadership roles at Nickel Asia Corporation, Security Bank, and other major enterprise.
Net Worth: $225M (2023)
Age: 84
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Philip Ang: In His Youth
Philip’s journey into the world of business was shaped by both education and family legacy. He pursued higher education in the United States, earning a Bachelor of Science in Business Administration from Oregon State University and later obtaining a Master of Business Administration from the University of Denver. With this strong academic foundation, Philip was more than prepared for a future in both industrial operations and corporate governance.
Although his professional career led him into mining and finance, his early foray into business began in an entirely different industry. Philip started in textiles, following in the footsteps of his father, Ang Beng Uh, a pioneering industrialist who established Universal Textile Mills (U/Tex), the Philippines’ first integrated textile mill. His father would later venture into real estate, banking, food, and hospitality. As for Philip himself, he later shifted his interests–moving into the high-stakes world of mining and banking.
Business Empire of Philip Ang
One of Philip’s most defining career achievements is his leadership in the mining industry. Joining the Nickel Asia Corporation (NAC) in 2008, the largest producer of lateritic nickel ore in the Philippines, he played a pivotal role as he served as their Vice Chairman. Philip also held board positions in key subsidiaries, including Hinatuan Mining Corporation, Cagdianao Mining Corporation, Rio Tuba Nickel Mining Corporation, and Taganito Mining Corporation.
Under his and the entire board’s watch, Nickel Asia experienced significant growth, capitalizing on global demand for nickel–a critical component in stainless steel and electric vehicle batteries. Despite economic downturns and market fluctuations, the company manages to stay resilient–achieving a 41% net profit increase to P3.8 billion ($67 million) in the first half of 2022.
Aside from mining, Philip is also actively involved in finance. Elected to the Board on February 21, 1980, he is an independent director at Security Bank, one of the Philippines’ leading financial institutions, where he played several key parts. He is the Chairman of the Nominations and Remuneration Committee, and the Vice Chairman of the Trust and Corporate Governance Committees. Lastly, he is also a non-voting member of the Security Bank’s Executive Committee.
With their guidance, Nickel Asia also prioritizes Corporate Social Responsibility (CSR) efforts. The company has consistently invested in community programs, including healthcare services, education initiatives, and livelihood training for indigenous groups in mining areas. According to their website, nearly 14,000 people have received healthcare assistance, they have hired almost 300 people who belong to indigenous communities, and have supported over 2,700 scholars. They have also spent over P211 million on social development initiatives.
Philip retired from Nickel Asia in 2021, after over four decades in the industry. His influence in the company, however, remained as he was appointed as a Board Advisor in 2023.
Impact on Philippine Society and Economy
Their contributions to the Philippine economy extend beyond the walls of the corporation. Aside from Nickel Asia’s help in sustaining thousands of jobs across the country, particularly in the mining communities, their focus on environmentally responsible mining and sustainable energy has set industry benchmarks.
On their website, they shared that they have spent over P477 million on environmental enhancement and protection and reforestation efforts. They have planted over a million seedlings, reforested 65.69 hectares, and rehabilitated around 67.77 hectares of land.
While their pivot from mining to sustainable energy began in 2007 before Philip was elected to the Board, their efforts since then cannot be dismissed. NAC’s subsidiary, Emerging Power Inc. (EPI), focuses on solar, geothermal, and wind energy. In July 2022, they signed a joint venture (JV) with Shell Investments BV to work on onshore renewable projects in the country and dubbed it: Green Light Holdings Inc. Its current solar capacity is 172 megawatts, but the goal is to have 1 gigawatt installed renewable capacity by 2028.
Outside the Boardroom
While Philip’s business acumen is widely recognized, his contributions to education and healthcare reveal another side of his legacy. His father, Ang Beng Uh, was deeply committed to philanthropy, a value that their family has carried forward through various charitable endeavors.
In 2024, Philip–as the Chairman of the Evelyn D. Ang Scholarships and Charities Inc. (EDASCI), named after his late wife–signed a Deed of Donation with De La Salle University (DLSU). During that event, they expanded several Professorial Chairs under the name of his father. Mrs. Carmina Ang spoke for the family, highlighting how Ang Beng Uh instilled the importance of hard work and altruism in his children. She further added the patriarch’s dedication to giving back, helping the underprivileged, and guiding aspiring entrepreneurs.
“It is a rare and noble act of a son to honor his father in a way that helps others. Through these professorial chairs, the memory of Ang Beng Uh inspires research that benefits not only our University but the nation,” Br. Raymundo Suplido FSC, DLSU Science Foundation (SFI) President said during the event in November 8. Two years before, EDASCI also partnered with DLSU to establish the Evelyn D. Ang Memorial Fund, honoring once again his late wife, Mrs. Evelyn Dy Pac Ang. With the fund, they established the Evelyn D. Ang Institute of Biomedical Engineering and Health Technologies (EDA-IBEHT), four Professorial Chairs, a research fund for grants, and scholarships. EDA-IBEHT will be housed in the Evelyn D. Ang Hall, the groundbreaking of which was held on November 24, 2023.
At the event, the family spoke of his beloved wife as someone renowned for helping the sick and marginalized–values that the Ang family clearly share. “Evelyn is strong in her faith and resolve towards helping others; she has always been an advocate for the disadvantaged and understands the value of proper education,” Philip said during the event.
