Mining tycoon Joseph Sy has formally tendered his resignation as director of Global Ferronickel Holdings, Inc. (FNI), effective Friday, 26 December.

In a disclosure to the Philippine Stock Exchange, FNI said Sy stepped down “due to personal considerations and for the best interests of the company.” Sy is currently detained at the Bureau of Immigration (BI) detention facility in Taguig following his arrest at Ninoy Aquino International Airport on 21 August.

“The company expresses its appreciation for Mr. Sy’s service and contributions during his tenure,” FNI said.

Sy is facing allegations of falsifying his Filipino citizenship, with the BI previously reporting that his fingerprints match those of a Chinese national identified as Cheng Zhong Zhen. FNI has earlier denied the allegations, asserting that they have no legal basis and maintaining that Sy “is a Filipino citizen as affirmed by multiple rulings by government agencies and institutions.”

On 15 December, Sy appeared before the Senate justice and human rights subcommittee chaired by Senator Risa Hontiveros, where he invoked his right to remain silent when questioned about the circumstances surrounding his place of birth and citizenship.

“Mining businessman Joseph Sy faced the Senate but failed to give good answers. Did he also grow up on a farm? A mining tycoon allegedly pretending to be a Filipino? Is this another Alice Guo?” Hontiveros said in Filipino.

If convicted, Sy faces immediate expatriation to China and the cancellation of his Philippine passport. His case mirrors that of former Bamban, Tarlac mayor Alice Guo, who was later confirmed to be a Chinese citizen following an extensive investigation.

“Dual identities are red flags. If proven fraudulent, they will be dealt with swiftly and firmly under our laws,” BI Commissioner Joel Viado said previously.

“Our duty is clear: to protect the integrity of Philippine citizenship and our national security,” he added.

FNI is a major Philippine-listed mining company focused on nickel ore production and is among the leading suppliers in the ASEAN region. The firm has also expanded into steel, cement, port, and logistics operations, positioning itself to meet rising global demand for nickel used in electric vehicle batteries and stainless steel. As the holding company of Platinum Group Metals Corp (PGMC), FNI manages large nickel deposits in Surigao del Norte and Palawan, both known for surface mining operations.