MANILA, Philippines — The Securities and Exchange Commission (SEC) said it was closely monitoring the arrest of Global Ferronickel Holdings Inc. Chairman Joseph Sy, who was taken into custody last week over allegations of misrepresentation of citizenship.
In a statement on Tuesday, the SEC said it had been made aware of Sy’s arrest at the Ninoy Aquino International Airport on Aug. 21, 2025.
“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 Commission said.
The regulator also reminded listed companies of their obligation to make timely disclosures of developments that could affect investors’ decisions.
“The SEC also reminds listed companies that all material developments that may influence investors’ decisions must be promptly disclosed to the public, pursuant to the Rule 17.1.1 of the Implementing Rules and Regulations of the Securities Regulation Code, as well as the Consolidated Listing and Disclosure Rules of the Philippine Stock Exchange,” it said.
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The Commission said any action it may take would be guided by the principles of accountability and market stability.
“Any action taken by the SEC on the matter will be in line with promoting transparency and confidence in the markets, especially matters that affect the governance of publicly listed companies,” it said.
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“The Commission reiterates its commitment to upholding the interests of the investing public, and ensuring that the integrity of the capital market is preserved.”
Global Ferronickel had denounced Sy’s arrest, calling it “unlawful” and “baseless,” while assuring stakeholders that its operations remained unaffected.
“[Global Ferronickel] strongly denounces the unlawful arrest and detention of its chairman, Mr. Joseph Sy, on the unfounded charge of being an ‘overstaying alien,'” the company said in a statement released Monday.
“This accusation is baseless: Mr. Sy is a Filipino citizen, as confirmed by at least six rulings from the Bureau of Immigration, the Department of Justice, [and] the Office of the Solicitor General,” it added.
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The company said Sy entered the Philippines using a valid Philippine passport, which the Supreme Court has recognized as proof of Filipino nationality.
“His detention is a grave injustice, but we remain confident that the truth and the law will prevail,” it said. “In the meantime, the operations of FNI and all companies under the Group remain stable, legitimate, and unaffected.”
