The Securities and Exchange Commission (SEC) said it is evaluating developments surrounding the detention of Global Ferronickel Holdings Inc. (FNI) Chairman Joseph Sy by the Bureau of Immigration and will act as warranted within its mandate.
“Given Mr. Sy’s role as chairman of a publicly listed company, the SEC is closely monitoring the matter and will evaluate whether any actions are warranted under its jurisdiction,” the agency said in a statement on Tuesday.
The commission did not provide details on how it might respond to Sy’s detention, or on its implications for FNI’s governance and its share price.
FNI shares tumbled 12.14 percent on Tuesday, closing at P1.23, from Friday’s P1.40, after markets were shut Monday for National Heroes’ Day.
The SEC, while not detailing next steps, reminded listed companies that “all material developments that may influence investors’ decisions must be promptly disclosed to the public,” citing securities regulations and exchange rules.
Any action it takes, the commission said, would aim to preserve transparency and investor confidence in the markets.
The case has rattled the mining industry. Sy has been held at the National Capital Region Police Office since August 21, after immigration officials intercepted him at the Ninoy Aquino International Airport.
Authorities allege that Sy misrepresented himself as a Filipino, pointing to fingerprint records they say matched him to a Chinese national previously granted a long-term visa and alien ID card.
Mining groups counter that Sy’s Philippine citizenship has been affirmed repeatedly, including by the Bureau of Immigration in earlier rulings.
The Philippine Nickel Industry Association called the detention “deeply troubling and legally inconsistent,” arguing that holding him on “mere suspicion of being an alien” violates due process.
The group warned that the case risks sending “the wrong message to the business and investment community” just as the country courts new capital for mining.
The Chamber of Mines of the Philippines echoed that concern, noting that Platinum Group Metals Corp., an FNI affiliate, is a member “in good standing.”
“His detention sends a chilling signal to investors, undermining efforts to position the Philippines as a reliable global supplier of critical minerals,” the chamber said. “Authorities must act swiftly, uphold due process, and release Mr. Sy without delay.”
