THE Philippine Chamber of Commerce and Industry (PCCI) said the delayed release of Global Ferronickel Holdings, Inc. (FNI) Chairman Joseph C. Sy is harmful to the investment climate.
“The continued detention of Joseph Sy despite an order for his immediate release is undermining the national image as a destination for foreign investment not only for the Philippine mining industry but for the whole business community,” the PCCI said in a statement on Tuesday.
FNI said in a disclosure on Thursday that the Regional Trial Court (RTC) of Taguig ruled that Mr. Sy’s continued detention had no legal basis.
“Every day the Bureau of Immigration (BI) defies this order, it will send the wrong signals to potential investors,” the PCCI said.
According to the business group, Mr. Sy chairs the PCCI Mining Industry Committee.
“The integrity and credibility of this massive effort (to attract investment), 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,” the PCCI said.
“Already, the Philippines is suffering in other sectors such as tourism due to the uncertainties in the business environment as a result of inconsistencies in policy implementation and adherence to the rule of law,” it added.
Mr. Sy was detained by the BI on Aug. 21 over allegations he is an “overstaying alien” despite prior rulings on his citizenship, including by the Department of Justice and the Supreme Court.
According to FNI, the Taguig RTC has issued a writ directing the release of Mr. Sy from detention.
“This ruling constitutes a judicial affirmation that Mr. Sy’s continued detention had no legal basis and upholds his fundamental rights as a Filipino citizen,” FNI said in a disclosure. — Justine Irish D. Tabile
