PCCI urges swift release of Global Ferronickel chairman to boost foreign investments
THE Philippine Chamber of Commerce and Industry (PCCI) on Tuesday called for the immediate release of Global Ferronickel Inc. Chairman Joseph Sy, given his continued detention despite a court order granting him temporary freedom.“The continued detention of Joseph Sy despite an order for his immediate release is undermining the national image as a destination for foreign investments, not only for the Philippine mining industry but for the whole business community,” the PCCI said in a statement.Sy was detained by the Bureau of Immigration last Aug. 21 over allegations that he had fraudulently obtained Philippine citizenship. He subsequently went on leave from Global Ferronickel, which has since appointed an interim chairman.A Taguig regional trial court has issued a writ of habeas corpus, but Sy to date remains in custody.On Tuesday, Global Ferronickel said the court had since approved a “very urgent motion for execution” and allowed Sy to post bail.It told the stock exchange that the court had noted the BI’s “glaring lack of execution” and said the ruling “constitutes a judicial affirmation that Mr. Sy’s continued detention had no legal basis and upholds his fundamental rights as a Filipino citizen.”The PCCI, meanwhile, said that “Sy, as chair of the PCCI mining industry committee, is leading a consortium of Filipino mining companies, to help set up the transition from making the Philippines just as an exporter of raw mineral ores to an exporter of higher value-added processed products.”“The integrity and credibility of this massive effort, which requires huge capital mobilization and takes at least five years to execute, is put at risk if the court’s order for Sy’s release is delayed,” it added.The business group claimed that the country’s tourism and other sectors were in trouble due to uncertainties caused by inconsistencies in implementing policies and compliance with the law.Global Ferronickel shares closed up nine centavos, or 6.67 percent, to P1.44 apiece on Tuesday amid a 0.34-percent rise for the benchmark Philippine Stock Exchange index.
