C03260-2017

SECURITIES AND EXCHANGE COMMISSIONSEC FORM 17-C

CURRENT REPORT UNDER SECTION 17
OF THE SECURITIES REGULATION CODE
AND SRC RULE 17.2(c) THEREUNDER

1. Date of Report (Date of earliest event reported)
May 24, 2017
2. SEC Identification Number
ASO94-03992
3. BIR Tax Identification No.
003-871-592
4. Exact name of issuer as specified in its charter
Global Ferronickel Holdings, Inc.
5. Province, country or other jurisdiction of incorporation
Makati, Philippines
6. Industry Classification Code(SEC Use Only)
7. Address of principal office
7F Corporate Business Center, 151 Paseo de Roxas cor. Arnaiz St. Makati City Postal Code Postal Code 1228
8. Issuer's telephone number, including area code
(632) 5197888
9. Former name or former address, if changed since last report
n.a.
10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA
Title of Each Class Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
Common Shares 2,334,640,312
11. Indicate the item numbers reported herein
9

The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.

Global Ferronickel Holdings, Inc.FNI

PSE Disclosure Form 4-13 - Clarification of News Reports References: SRC Rule 17 (SEC Form 17-C) and
Section 4.4 of the Revised Disclosure Rules

Subject of the Disclosure

Clarification of news article
Source manilastandard.net
Subject of News Report Ipilan told to explain massive tree cuttings
Date of Publication May 23, 2017
Clarification of News Report

The Exchange requested the company to make a clarification on the news article entitled “Ipilan told to explain massive tree cuttings” posted in manilastandard.net on May 23, 2017. The article reported in part that:

“The Department of Environment and Natural Resources has given Ipilan Nickel Corp. until today to explain why no criminal charges should be filed against the mining company over its alleged massive tree cutting in Brooke’s Point, Palawan.

Department of Environment and Natural Resources-Mimaropa Regional Director Natividad Bernardino issued the order based on a directive by Environment Secretary Roy Cimatu, who ordered a full investigation into Ipilan’s violations for cutting down thousands of trees within its mining area, even after the DENR had stopped its operations.
. . . .

The DENR said although Ipilan had an existing one-year tree cutting permit expiring on May 26 this year, the same was deemed no longer effective since Dec. 14, 2016 when the DENR, under then Secretary Gina Lopez, cancelled the firm’s environmental compliance certificate.

Ipilan in the show cause order signed by Bernardino was given three working days from receipt to submit a reply before the DENR resolution.

Ipilan through its resident manager Ferdinand Libatique received the order on May 19.

Bernardino said unless properly explained what the INC did was ‘contrary to law and sufficient ground to file criminal complaint in a court of law.’

The regional director said the president of Ipilan ‘could be charged with qualified theft’ for violation of the Revised Forestry Code.”


The Company asserts that its affiliate, Ipilan Nickel Corporation (INC), has complied with applicable laws and regulations in its tree-cutting activities in Brooke’s Point, Palawan.

The DENR order cancelling INC’s Environmental Compliance Certificate (ECC) is a subject of a pending motion for reconsideration, which stops the effectivity of the order pursuant to the Revised Administrative Code. Hence, the ECC remains effective unless the cancellation becomes final and executory.

The ECC is a legal document separate and distinct from the tree-cutting permit which was issued by the DENR to INC on May 25, 2016. The permit, which expires on May 26, 2017, has not been cancelled or recalled by the DENR. The DENR only suspended the tree-cutting permit on May 19, 2017. The permit allowed INC to earth-ball 14,439 trees and cut 13,490 trees in an area covering 52 hectares. INC coordinated with the Community Environment and Natural Resources Office in the process of implementing the permit that began last year. All trees that were to be cut were inventoried and marked by the DENR. Contrary to reports, INC’s activities have only affected a fourth of the allowable limit strictly within the areas stated in the permit. Accordingly, Section 77 of Presidential Decree No. 705 or the Revised Forestry Code punishing cutting of timber “without any authority” does not apply. INC will respond to the show cause orders of the DENR or any investigation on the issue in due course.

Attached is INC’s related press release.
Other Relevant Information

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Filed on behalf by:
Name Eveart Grace Pomarin-Claro
Designation Assistant Corporate Secretary, Alternate Corporate Information Officer