asialaw Regional Awards 2020 - UPDATED
February 28, 2020
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Philippines
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PHILIPPINES: Recent key legal developments
ACCRALAW
What were the most important legal developments in the last 12 months and how might they affect businesses?Some of the significant legal developments in the last 12 months that affect businesses are as follows:
- Republic Act No. 11032—also known as the Ease of Doing Business and Efficient Government Service Delivery Act of 2018—took effect on 17 June 2018. This law aims to adopt a programme for simplified requirements and procedures that will reduce red tape and expedite business and non-business related transactions in government. The law requires government agencies to adopt a Citizen’s Charter that provides: a comprehensive and uniform checklist of requirements for each type of application or request; the procedure to obtain a particular service; the persons responsible for each step; the maximum time to conclude the process; the documents to be presented by the applicant; the amount of fees and the procedure for filing complaints; and prescribes the period within which government offices shall act on applications or requests, which shall not be longer than three working days for simple transactions and seven working days in case of complex transactions. In relation to the processing of local business licences or clearances, the local government units are mandated to implement a single or unified business application form and to provide for a one-stop business facilitation service, among others. It is expected that with this law, it will be easier and faster to set up businesses in the Philippines and to obtain the licences necessary to operate such businesses.
- The Philippine Competition Commission (PCC) by virtue of PCC Memorandum Circular No. 18-001, which took effect on 18 March 2018, increased the threshold of the transaction value of mergers and acquisitions that are covered by the mandatory merger notice requirement under the Philippine Competition Act. From the original P1 billion ($19 million) threshold, the PCC increased the amounts to: (a) P5 billion ($94 million) with respect to the value of the gross revenues and or assets that any of the parties to the transaction (and the entities they control) should have in the Philippines; and (b) to P2 billion ($37.5 million) with respect to the size of the transaction, namely the gross revenues or assets of the target or the entities being acquired in the Philippines. If a transaction meets the aforementioned threshold amounts, a mandatory merger notice needs to be filed with the PCC and the parties cannot close the transaction until the PCC gives its clearance.
- The Bangko Sentral ng Pilipinas (BSP) passed certain amendments to the Manual of Regulations on Foreign Exchange Transactions, including BSP Circular No. 984, which provided for some policy reforms. In particular, the requirement for prior BSP approval for purely private sector loans—those without guarantee from/exposure to any public sector entity—was lifted, such that these loans now only need to be registered with the BSP to allow use of banking systems to source foreign exchange needed to repay loans. The requirements to support applications for registration and purchase of foreign exchange from the banking system were also substantially trimmed down and the form of documents liberalised. These reforms should help facilitate transactions of companies in sourcing foreign exchange from the banking system that are needed to service foreign loans, repatriate capital or remit dividends.
The main restrictions on foreign investment are those provided for in the constitution of the Philippines and other specific laws which have been consolidated under the Foreign Investment Negative List, the latest of which is the Tenth Regular Foreign Investment Negative List (issued on 29 May 2015). The government is mandated to update the Foreign Investment Negative List every two years so it is expected that the latest list will be issued soon.
As a general rule, non-Philippine nationals may own up to 100% of domestic market enterprises unless foreign ownership therein is prohibited or limited by the constitution and existing law or the Foreign Investment Negative List.
The Foreign Investment Negative List has two component lists. List A enumerates the areas of activities reserved to Philippine nationals by mandate of the constitution and specific laws. List B contains the areas of activities and enterprises regulated pursuant to law; (a) which are defence-related activities; or (b) which have implications on public health and morals, such as the manufacture and distribution of dangerous drugs, all forms of gambling, nightclubs, bars, beer houses, dance halls, sauna and steam bathhouses and massage clinics.
Moreover, small and medium-sized domestic market enterprises—those which produce goods for sale, or render services to the domestic market entirely, or if exporting a portion of their output fail to export at least 60% thereof—with paid-in equity capital less than the equivalent of $200,000 are reserved to Philippine nationals. In other words, for foreign nationals to own more than 60% or up to 100% of local entities engaged in domestic market enterprises, which are not covered by the Foreign Investment Negative List, the local entity should have an initial paid-in capital of at least $200,000.
Some of the notable areas/activities where foreign equity ownership is limited to 40% are ownership of land, operation of public utilities including telecoms, exploration, development and utilisation of natural resources, and educational institutions. On the other hand, no foreign ownership is allowed in mass media and in retail trade enterprises with a paid-up capital of less than $2.5 million.
What key structuring and other considerations should be highlighted to potential investors/businesses looking to enter this market?
Potential investors should be aware of the foreign equity ownership restrictions in certain areas or activities and of the minimum capitalisation required even in areas where 100% foreign ownership is allowed. In areas where some foreign ownership is allowed, potential investors should be open to partnering with or entering into a joint venture with a local Filipino partner to be able to enter the Philippine market. In areas where the law requires minimum Filipino ownership of at least 60%, there is an Anti-Dummy Law which penalises any person or corporation who, in any manner, permits or allows any person, not possessing the necessary qualifications to acquire, use, exploit or enjoy a right, franchise, privilege, property or business, the exercise and enjoyment of which are expressly reserved by the constitution of the Philippines or existing laws to citizens of the Philippines. As such, potential investors should be careful about entering into these types of arrangements to circumvent Filipino ownership requirements.
Legislation Guide – Philippines
Gatmaytan Yap Patacsil Gutierrez & Protacio (C&G Law)
Recent key legal developments
Norma Margarita B Patacsil and Andrea E Katipunan
What were the most important legal developments in the last 12 months and how might they affect businesses?
There have been several recent important legal developments in the Philippines. These include the enactment of the Philippine Competition Act (Republic Act No 10667), effective August 8 2015 (PCA) and its implementing rules and regulations (PCA-IRR), effective June 18 2016; the Customs Modernisation Tariff Act (Republic Act No 10653), effective June 16 2016 (CMTA); and the Foreign Ships Co-Loading Act (Republic Act No 10668), effective August 8 2015 (Cabotage Law).
The PCA is the first comprehensive competition law in the Philippines. It is enforceable against any person engaged in trade in the Philippines, or in international trade having direct, substantial, and reasonable foreseeable effects in the Philippines (see PCA, section 3). The PCA created the Philippine Competition Commission (PCC), a quasi-judicial agency tasked with implementing and ensuring compliance with the PCA and the PCA-IRR. The PCA and the PCA-IRR define and penalise anti-competitive conduct such as anti-competitive agreements and abuses of dominant position, and impose a notification regime for certain mergers and acquisitions (M&As). The PCA imposes administrative and/or criminal penalties for violations of the provisions thereof (see PCA, section 30).
The CMTA modernises and aligns the country’s customs procedures with the Revised Kyoto Convention (International Convention on the Simplification and Harmonisation of Customs Procedures, signed by the President of the Philippines in 2009 and ratified by Congress in 2010) and requires IT-based customs processes. It also introduces provisional customs declarations, which would allow importers to have their goods released even before the submission of all the documents required for a complete goods declaration, provided that they file an undertaking that they will complete the declaration in 45 days and post sufficient security (see CMTA, section 411). The CMTA also increases the penalties for unlawful importing and exporting, mis-declaration, and mis-classification of imported goods. Under the CMTA, businesses should expect more efficient customs processing and releasing of imported and exported goods.
The Cabotage Law liberalises competition in domestic shipping to a certain extent. It amends old laws generally prohibiting foreign vessels from engaging in coast-wide trade (see Domestic Shipping Act [Republic Act No 9295], section 6). Under the new law, foreign vessels can carry (i) their cargo and that of another foreign vessel calling at the same port of entry to the Philippine port of final destination, (ii) foreign cargo intended for export through a Philippine port to its foreign port of final destination, and (iii) foreign cargo of another foreign vessel through a domestic trans-shipment port and transferred at that domestic trans-shipment port to its foreign port of final destination (see Cabotage Law, section 4). Under the Cabotage Law, businesses can expect a more competitive domestic shipping market.
What are the main restrictions on foreign investment?
Certain economic activities in the Philippines are reserved for Philippine nationals. Foreign investors should refer to the 10th Regular Foreign Investment Negative List (FINL – Executive Order No 184). The 10th FINL was issued by the President of the Philippines on May 29 2015 under the Philippines’ Foreign Investments Act (Republic Act No 7042, as amended), which identifies economic activities where foreign equity or participation is restricted under the provisions of the Philippine Constitution or statutes. The 10th FINL retained most of the foreign equity restrictions provided in previous FINLs (FINLs are issued around every two years). However, the latest FINL clarifies, on the one hand, the professions foreigners are absolutely banned from practising in the Philippines, and on the other hand, the professions that foreigners are allowed to practise provided their home country also allows Filipinos to practise those same professions’.
Recently, the Philippine Congress passed a law lifting the foreign ownership restrictions on lending companies, financing companies, adjustment companies and investment houses (see Republic Act No 10881. This lapsed into law on July 17 2016). The next FINL should reflect this development.
What key structuring and other considerations should be highlighted to potential investors looking to enter this market?
Potential foreign investors in the Philippines should consider the January 28 2015 resolution of the Philippine Supreme Court in Narra Nickel Mining and Development Corporation v Redmont Consolidated Mines (GR 195580, January 28 2015). That resolution upheld the Court’s April 21 2014 decision in Narra Nickel, which clarified the tests to determine whether a corporation is a Philippine national qualified to engage in nationalised industries. It states that the ’control test‘ is still the prevailing mode of determining Philippine nationality. Under the control test, a corporation is deemed a Philippine national if at least 60% of its capital stock outstanding and entitled to vote is held by Philippine citizens/nationals. However, in cases of doubt as to whether Philippine citizens/nationals in fact hold beneficial ownership and control of the corporation, the control test must be supplemented by the ’grandfather rule‘, which considers both the direct and indirect shareholdings of a corporation to determine Philippine nationality. Narra Nickel cites examples of doubt, such as when foreign investors provide practically all the funds or undertake to provide practically all the technological support for the joint investment or management of the company and prepare all economic viability studies, despite being minority stockholders.
What anti-bribery/ anti-corruption laws are in place and how strictly are they enforced?
There are several laws penalising anti-bribery and corruption in the Philippines. These include: (a) select provisions on bribery in the Revised Penal Code of the Philippines (Act No 3851), (b) the Anti-Graft and Corrupt Practices Act (Republic Act No 3019), which defines and penalises various acts of graft and corruption by public officials, and, (c) the Plunder Law (Republic Act No 7080), which penalises the accumulation of ill-gotten wealth of at least P50 million ($1.08 million). These laws primarily penalise corruption in public office and do not penalise private corruption (there is no existing general law penalising private corruption in the Philippines). Nevertheless, private persons may also be held liable under these laws if they conspire with or assist public officials in committing prohibited acts.
The Philippine Government has been exerting efforts to enforce these laws. Recently, Philippine Congress passed a law lengthening the prescriptive period within which to prosecute crimes penalised under the Anti-Graft and Corrupt Practices Act (see Republic Act No 10910. This lapsed into law on July 21 2016). The prescriptive period was extended from 15 years to 20 years.
Is there a competition law in place and how strictly does it control M&A or other activity?
As previously mentioned, Philippine Congress recently enacted the PCA, which imposes a notification regime for qualifying M&As. In general, parties to M&As where the aggregate annual gross revenues in, into or from the Philippines of the parties or target company, and the value of the transaction, exceed P1 billion must notify the PCC of their M&A for review and approval (see PCA-IRR, rule 4, section 3). M&As consummated in violation of the notification requirement are deemed void. M&As that are not acted upon by the PCC within a maximum of 90 days are deemed approved.
Norma Margarita B Patacsil and Andrea E Katipunan
Gaymaytan Yap Patacsil Gutierrez & Protacio (C&G Law)
Tel: +63 2 894 0377 to 79; 894 4931 to 32
Fax: +63 2 552 1978
Website: www.cagatlaw.com
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INDUSTRY SECTORS
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Aviation and shipping
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| Del Rosario & Del Rosario |
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Banking and financial services
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| Picazo Buyco Tan Fider & Santos |
| Romulo Mabanta Buenaventura Sayoc & de los Angeles |
| SyCip Salazar Hernandez & Gatmaitan |
| Highly recommended |
|---|
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| Castillo Laman Tan Pantaleon & San Jose |
| PunoLaw |
| Villaraza & Angangco |
| Recommended |
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| Abuda Asis & Associates |
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| Martinez Vergara Gonzalez & Serrano (MVGS) |
| Puyat Jacinto & Santos (PJS Law) |
| Quisumbing Torres |
Energy
| Outstanding |
|---|
| Puyat Jacinto & Santos (PJS Law) |
| SyCip Salazar Hernandez & Gatmaitan |
| Highly recommended |
|---|
| Gatmaytan Yap Patacsil Gutierrez & Protacio (C&G Law) |
| Picazo Buyco Tan Fider & Santos |
| PunoLaw |
| Quisumbing Torres |
| Romulo Mabanta Buenaventura Sayoc & de los Angeles |
| Recommended |
|---|
| ACCRALAW |
| Castillo Laman Tan Pantaleon & San Jose |
| Cruz Marcelo & Tenefrancia |
| Gulapa & Quicho (Gulapa Law) |
| Quiason Makalintal Barot Torres Ibarra Sison & Damaso |
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|---|
| Abuda Asis & Associates |
| Platon Martinez Flores San Pedro Leaño |
| Poblador Bautista & Reyes |
| Zambrano Gruba Caganda & Advincula |
Infrastructure
| Highly recommended |
|---|
| Cruz Marcelo & Tenefrancia |
| Gatmaytan Yap Patacsil Gutierrez & Protacio (C&G Law) |
| Puyat Jacinto & Santos (PJS Law) |
| Romulo Mabanta Buenaventura Sayoc & de los Angeles |
| Recommended |
|---|
| ACCRALAW |
| Castillo Laman Tan Pantaleon & San Jose |
| Gulapa & Quicho (Gulapa Law) |
| Picazo Buyco Tan Fider & Santos |
| PunoLaw |
| Quisumbing Torres |
| SyCip Salazar Hernandez & Gatmaitan |
| Other notable firms |
|---|
| Abuda Asis & Associates |
| Platon Martinez Flores San Pedro Leaño |
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| Villaraza & Angangco |
Real estate
| Outstanding |
|---|
| Picazo Buyco Tan Fider & Santos |
| Romulo Mabanta Buenaventura Sayoc & de los Angeles |
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| Castillo Laman Tan Pantaleon & San Jose |
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| Gulapa & Quicho (Gulapa Law) |
| Puyat Jacinto & Santos (PJS Law) |
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|---|
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Technology and telecommunications
| Outstanding |
|---|
| SyCip Salazar Hernandez & Gatmaitan |
| Highly recommended |
|---|
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| Disini & Disini Law Office |
| Quisumbing Torres |
| Other notable firms |
|---|
| PunoLaw |
| Puyat Jacinto & Santos (PJS Law) |
PRACTICE AREAS
| All firms below are in alphabetical order |
|---|
Banking and finance
| Outstanding |
|---|
| Picazo Buyco Tan Fider & Santos |
| Romulo Mabanta Buenaventura Sayoc & de los Angeles |
| SyCip Salazar Hernandez & Gatmaitan |
| Highly recommended |
|---|
| ACCRALAW |
| Castillo Laman Tan Pantaleon & San Jose |
| Other notable firms |
|---|
| Insights Philippines |
| Morales & Justiniano |
| Villaraza & Angangco |
Capital markets
| Outstanding |
|---|
| ACCRALAW |
| Picazo Buyco Tan Fider & Santos |
| Romulo Mabanta Buenaventura Sayoc & de los Angeles |
| SyCip Salazar Hernandez & Gatmaitan |
| Highly recommended |
|---|
| Quisumbing Torres |
| Recommended |
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| Castillo Laman Tan Pantaleon & San Jose |
| Gorriceta Africa Cauton & Saavedra |
| Puyat Jacinto & Santos (PJS Law) |
| Quiason Makalintal Barot Torres Ibarra Sison & Damaso |
Competition/antitrust
| Highly recommended |
|---|
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Construction
| Outstanding |
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| SyCip Salazar Hernandez & Gatmaitan |
| Highly recommended |
|---|
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| Recommended |
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| Picazo Buyco Tan Fider & Santos |
| Other notable firms |
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| Quisumbing Torres |
| Villaraza & Angangco |
Corporate and M&A
| Outstanding |
|---|
| Romulo Mabanta Buenaventura Sayoc & de los Angeles |
| SyCip Salazar Hernandez & Gatmaitan |
| Highly recommended |
|---|
| ACCRALAW |
| Castillo Laman Tan Pantaleon & San Jose |
| Picazo Buyco Tan Fider & Santos |
| Puyat Jacinto & Santos (PJS Law) |
| Quisumbing Torres |
| Other notable firms |
|---|
| Insights Philippines |
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Dispute resolution
| Outstanding |
|---|
| ACCRALAW |
| SyCip Salazar Hernandez & Gatmaitan |
| Recommended |
|---|
| Castillo Laman Tan Pantaleon & San Jose |
| Esguerra & Blanco |
| PunoLaw |
| Puyat Jacinto & Santos (PJS Law) |
| Quiason Makalintal Barot Torres Ibarra Sison & Damaso |
Intellectual property
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| SyCip Salazar Hernandez & Gatmaitan |
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| Bengzon Negre Untalan (BNU) |
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Labour and employment
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| Highly recommended |
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Tax
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| Recommended |
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| Other notable firms |
|---|
| Gorriceta Africa Cauton & Saavedra |
| Picazo Buyco Tan Fider & Santos |
| Platon Martinez Flores San Pedro Leaño |
| PunoLaw |
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- Du-Baladad and Associates (BDB Law)
- Federis & Associates
- Gatmaytan Yap Patacsil Gutierrez & Protacio (C&G Law)
- Gorriceta Africa Cauton & Saavedra
- Gulapa & Quicho (Gulapa Law)
- Hechanova Bugay Vilchez & Andaya-Racadio
- Kapunan & Castillo Law Offices
- Morales & Justiniano
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- Romulo Mabanta Buenaventura Sayoc & de los Angeles
- SyCip Salazar Hernandez & Gatmaitan
- Zambrano Gruba Caganda & Advincula
Abuda Asis & Associates
Abuda Asis & Associates is a boutique law firm specialising in the fields of banking and finance, project finance, corporate and M&A, energy and infrastructure. The firm is led by Cornelio Abuda and Jehremiah Asis who focus on banking and finance, and infrastructure and special projects respectively.
Banking and finance
Work highlights
Acted on behalf of BDO Unibank in its financing of the C5 South Link extension project.
Acted on behalf of the finance parties in negotiating the financing documents in connection to financing and development of a new coal-fired power plant and related facilities in Atimonan, Philippines. This project financing will become the largest Peso-denominated term loan facility funded by Philippines banks.
Key clients
Eco-System Technologies, Union Bank of the Philippines
ACCRALAW
The largest law firm in the Philippines by size, ACCRALAW is particularly strong in capital markets, dispute resolution, intellectual property, labour and employment and tax. Francisco Lim, Oliver Pantaleon, Emerico De Guzman and Alex Ferdinand Fider are key figures at the firm.
Banking and finance
Work highlights
Acted for Cirtek Holdings Philippines Corporation in relation to its $40 million note facility agreement with the Bank of the Philippine Islands and Rizal Commercial Banking Corporation.
Key clients
BPI Capital Corporation, Philippine National Bank
Capital markets
Work highlights
Assisted Global Ferronickel Holdings with its listing onto the Philippine Stock Exchange.
Key clients
Abacus Capital & Investment Corporation, First Metro Investment Corporation
Corporate and M&A
Work highlights
Acted for Navis Capital Partners in its acquisition of 100% shares of DZ Card Group.
Key clients
Asashi Glass Company, House of Investments
Intellectual property
Work highlights
Assisted Estée Lauder Companies in a trademark opposition case against Marzan Pharma Corporation’s application for registration of the mark ‘CLIQUE COSMETIC’ for its similarity with ‘CLINQUE’.
Key clients
Energizer, Roche, San Miguel Pure Foods Company
Labour and employment
Work highlights
Representing Coca-Cola FEMSA Philippines in a case concerning illegal dismissal and unfair labour practice arising from the client’s redundancy program.
Key clients
Curo Teknika, iPlus Intelligent Network
Tax
Work highlights
Assisting Smartmatic Philippines in tax assessment case involving value-added tax (VAT) zero-rated transactions.
Key clients
Rappler
Client feedback
“The firm's corporate services team is composed of partners and associates who are well-versed in corporate law and requirements. The team has good relationships with regulatory agencies, is meticulous in their work, and gives much needed advice to resolve key issues.” – Capital markets
“The team assigned to us was very responsive to client needs and very protective of the client interest. Too protective, may be considered a negative, in the sense that despite a business call, the lead partner wouldn't give up trying to dissuade us to decide otherwise.” – Corporate and M&A
“ACCRALAW has so far helped us win all our cases.” – Labour and employment
Everlene Lee
“Everlene Lee is pro-active, pays close attention to details and gives good advice when needed. She is also accessible any time when needed.”
Elaine Patricia Reyes-Rodolfo
“Made herself available for discussions and proposed solutions to negotiation issues. Listens well and adapts solutions to nuances. By being available during meetings, it enabled faster resolution and agreement to terms with our counterparties.”
Neptali Salvanera
“Salvanera has been very helpful in all our consultations and in making sure we are winning all our cases.”
Cruz Marcelo & Tenefrancia
Cruz Marcelo & Tenefrancia has particular strengths in corporate and M&A, dispute resolution and regulatory. The firm’s industry specialism include mining and infrastructure.
Construction
Work highlights
Assisted Public-Private Partnership Centre (PPPC) and the government of Quezon City in preparations for the construction of a solid waste management facility.
Key clients
Asian Development Bank, National Housing Authority
Corporate and M&A
Work highlights
Assisted Philipinas Shell Petroleum Corporation (PSPC) in spin off of Connected Freight Solutions Philippines. The firm was involved in the drafting of contracts and company structuring.
Key clients
AMPOL Management Services, Lucerne Group
Dispute resolution
Work highlights
Represented Bangko Sentral ng Pilipinas (BSP) and the Monetary Board before the Supreme Court against a petition by Banco Filipino for approval of its business plan and financial assistance.
Key clients
Riverbanks Development Corporation, Sagittarius Mines, Shell Company of the Philippines
Intellectual property
Work highlights
Assisted Max’s Group, a well-known casual dining company, on its trademark portfolio and expansion abroad.
Key clients
Ayala Corporation, Ferrero, Wellworth Properties
Client feedback
“The two partners I worked with were clearly extremely knowledgeable in respect of the subject matter and provided in a very short space of time both verbally and in writing a clear and concise summary of both the law and its application to our fact scenario.” – Corporate and M&A
“Speed of delivery, quality of work at reasonable fees.” – Corporate and M&A
“Very good legal services provided. The lawyers study the case, provide feedback, understand implications, provide legal advice, and provide assistance when requested. I would recommend those I work with.” – Dispute resolution
“We are very satisfied with the firm's outputs.” – Intellectual property
“Thorough, on time, well-researches and professional.” – Mining
“The law firm dispenses legal advice in a way that adds value to the business of the company, by citing all legal steps and measures that the company can take not just to protect its legitimate interest, but also to promote its business objectives within the legal framework. We appreciate the active involvement of the handling senior partner of the law firm and senior associates during meetings and in correspondences. At the same time, we are made aware through the billing process that their entry level associates are also well-utilised in terms of research and providing substantial bases for an opinion.” – Regulatory
“The law firm is very professional. They do not give false hopes, but rather gives you all the options and what to expect from all of these and deliver the results promised. They also have a full complement of lawyers who can give advises on varies legal concerns comprehensively.” – Regulatory
Rosa Michele Bagtas
“Speed of delivery; accuracy of work product.”
John Jerico Balisnomo
“He leads his legal team well and synergises all their efforts to meet the client's demands. He can communicate well to our management. You know that he takes care of his client.”
Patricia Bunye
“She and her team have successfully handled our international trademark registrations. The team promptly responds to our queries and gives accurate legal advice.”
“She knows the company and the history; very professional; responds immediately.”
Jon Anton Daryl Chua
“Excellent knowledge of the intricacies of the account and cases; manages the team well; very responsive; goes beyond what is expected.”
Rodel A Cruz
“Always prepare for his cases and sees to it that the client understands the process timeline and all. He goes beyond what he is paid for.”
Pancho Umali
“Able to clearly articulate the law and apply it to our fact scenario, both verbally and in a written report in a short time frame.”
Disini & Disini Law Office
Disini & Disini Law Office is a technology and telecommunication specialist firm and is recognised as one of the leaders in this area. The firm frequently advises on blockchain, cryptocurrency, facilitating investments, regulatory and licensing compliance and M&A work for clients including banks, remittance companies, virtual currency exchanges, electronic money issuers, and fintech providers.
Client feedback
“Great work and experts in the field.” – Banking and finance
“Strong experience and knowledge in the field of data privacy and e-commerce.” – Banking and finance
“We are happy with the speed of the firm's response to our requests, and contracts we want assistance in drafting. The legal recommendation on matters involving contracts with our clients is also clear and easily understandable. However, I felt that providing detailed guidance on what future regulatory requirements to look into and consider, once a financing corp has already been set up, would make the service even better.” – Banking and finance
“Very positive. Opinion delivered on time, written in understandable language. Initiative and a good understanding of our business.” – Banking and finance
“I'd say that they are one of the most innovative law firms in the Philippines in terms of experience and being open to new types of engagements. They have been providing free legal consultations to our community of startups (300+ members) every month. This also means that they have been exposed to different industries and the legal needs of companies.” – Investment funds
Du-Baladad and Associates
Tax boutique law firm Du-Baladad & Associates is constantly ranked highly in Tax. The firm jumps to “Outstanding” tier in Tax ranking table this year. Banking and financial services, energy, construction and real estate are the firm’s industry strengths. Founding partner Benedicta Du-Baladad leads the team.
Tax
Work highlights
Advised the government of Philippines through the Department of Finance on multiple aspects including drafting tax reform bills and policy revision.
Key clients
Government of Philippines
Federis & Associates
Led by Mila Federis, IP specialist firm Federis & Associates boasts a team of highly qualified IP lawyers and licensed patent and trademark agents, offering services including patents, trademarks, copyrights, designs, IP litigation, anti-counterfeiting and enforcement and licensing. Its Intellectual property ranking jumps to “Recommended” this year. The firm hired Montini Felicilda as partner in January 2019.
Intellectual Property
Work highlights
Represented Asia Pacific Resources International Holdings in a dispute against PaperOne over unfair competition and trademark infringement. The firm was able to obtain a favourable outcome for the client.
Key clients
Asia Pacific Resources International Holdings
Gatmaytan Yap Patacsil Gutierrez & Protacio (C&G Law)
A member firm of Rajah & Tann Asia, Gatmaytan Yap Patacsil Gutierrez & Protacio (C&G Law) is a full-service law firm of over 40 lawyers focusing on corporate and commercial transactions, construction, dispute resolution, labour and employment and tax. The firm’s Labour and employment ranking jumps to ‘Highly recommended’ tier this year. Jaime Renato Gatmaytan, Ben Dominic Yap and Anthony Mark Gutierrez are key contacts.
Banking and finance
Work highlights
Assisted United Overseas Bank in extending a loan facility valued at $180 million to a Singapore property company.
Key clients
DBS Bank, Standard Chartered Bank
Competition/antitrust
Work highlights
Acted for Microchip Technology to obtain Philippine Competition Commission (PCC) approval for its acquisition of Microsemi.
Key clients
Ayala Land
Construction
Work highlights
Assisting Leighton with downstream contracts for the NLEX exit ramp project including major works subcontract, minor works subcontract, labour supply agreement and ensuring compliance with the Philippine law.
Key clients
Challenergy, North Luzon Airport Consortium
Corporate and M&A
Work highlights
Assisting Ayala Corporation in its merger with Cebu Holdings and Cebu Property Ventures and Development Corporation.
Key clients
Mizuho Bank, MUFG Bank, United Overseas Bank
Dispute resolution
Work highlights
Represented Pagbilao Energy in a dispute concerning the refusal of the Municipality of Pagbilao in issuing a business permit to the client.
Key clients
Mactan Enerzone, Metro Rail Transit Corporation, SN Aboitiz Power-Magat
Labour and employment
Work highlights
Assisting William Grant & Sons in reviewing employment contract templates to ensure compliance with Philippine labour and tax laws.
Key clients
Hyder Consulting Middle East, TeaM Energy
Tax
Work highlights
Represented Sanofi Pasteur in proceedings before the Bureau of Internal Revenue (BIR) in connection to a reduction of tax assessment including VAT, withholding tax and documentary stamp tax.
Key clients
Orbium, Reliv Philippines
Client feedback
“The associates and partners have much specialised skillsets which the company needs. Their advice is not just theoretical but practical.” – Energy
“C&G Law is very professional and provides a top-tier legal service to its clients. The lawyers, even the partners, ensure that they are accessible to the clients at all times. It would be good to increase its current roster of associates to ensure its top level of professionalism and service. ” – Mining
Anthony Mark Gutierrez
“Mark gives very good legal and practical advice to novel questions of law. I would recommend him to others in the industry.”
Jesus Paolo Protacio
“Protacio provides an in-depth analysis of laws and regulations, and how they can be effectively used to advance the company's position. He is also very reliable and can be contacted to discuss as developments come.”
Gorriceta Africa Cauton & Saavedra
Capital markets
Work highlights
Assisted DM Wenceslao & Associates on its IPO.
Key clients
Audiowav Media, Tiger Resort Leisure and Entertainment
Corporate and M&A
Work highlights
Acted for Xurpas in its acquisition of Art of Click, a digital advertising platform.
Key clients
Apppps Partners
Gulapa & Quicho (Gulapa Law)
Established in 2015, Gulapa & Quicho (Gulapa Law) is recognised for its expertise in competition/antitrust, corporate and M&A, energy and infrastructure. Aris Gulapa is a key figure. Partner Rico Quicho left the firm in 2018.
Competition/antitrust
Work highlights
Acted on behalf of Asian Development Bank in the process of forming a joint venture to develop the National Government Administrative Centre. The joint venture with MTD Capital was approved by the PCC.
Key clients
Alliance Global Group, JG Summit Holdings, Metro Pacific Investments Corporation
Construction
Work highlights
Advised on the construction of the Philippines’ first LNG hub project in Batangas by the Philippine National Oil Company.
Advised Aboitiz Infracapital on the New Bohol International Airport (Panglao) Project, a PPP airport project in the Philippines that is aimed at transforming the New Bohol International Airport into a world-class facility through the airport’s expansion, operations, and maintenance by the private sector proponent. The firm assisted in the preparation of the unsolicited proposal, including drafting the concession agreement for the project.
Key clients
Infracorp Development, SM Prime Holdings
Corporate and M&A
Work highlights
Represented Manila Water Company an Ayala subsidiary, in its bid for New Clark City Water and Wastewater Project by negotiating a draft joint venture agreement with the BCDA and preparing its bid proposal.
Advised Phil Jacobe Ventures on the acquisition of right for the operation of Magnolia Bakery brand in the Philippines.
Key clients
Francorp Philippines, Omni-Plus System
Insights Philippines
Established in 2017, Insights Philippines is a member of the ZICO Law network. Managing partner Felix Sy brings more than 20 years of experience in the banking and finance, corporate and M&A, energy and infrastructure practices. The firm is actively advising and acting for various fintech startups and cryptocurrency exchange platforms.
Corporate and M&A
Work highlights
Assisted a China-based venture capital firm in the acquisition of a Philippine financing company. The case involved both financial regulations and the more recent financial technology regulations.
Acting for Luno.com, a Bitcoin-related company headquartered in the United Kingdom, in the restructuring of Philippine entity and obtaining the relevant certifications and licenses with the Philippine Central Bank to operate virtual currency exchanges in the Philippines.
Acting as lead legal counsel for the sellers of in the sale and purchase of 100% shareholding in an information technology company providing technology services to a government agency.
Acting as lead counsel for one of the largest investment banks in Asia in the establishment of the banking branch in the Philippines as well as advising and assisting the bank in its digital bank products and cashless digital retail and consumer banking operations in the Philippines.
Key clients
ENGIE Global Markets
Poblador Bautista & Reyes
Poblador Bautista & Reyes is best known for its strength in dispute resolution. The firm is ‘Recommended’ in Corporate and M&A, Intellectual property and Labour and employment. Regarding corporate and M&A work, the firm has been busy setting up branches and subsidiaries of foreign corporations, assisting clients on drafting franchise agreement as well as registering technology transfer arrangements.
Corporate and M&A
Work highlights
Acted on behalf of Carmelray Group of companies and its joint venture with Rockwell Land Corporation for a development project.
PunoLaw
Banking and finance
Work highlights
Assisted Helios Solar Energy in the refinancing of loan for its solar energy project in Cadiz City.
Key clients
Bank of the Philippine Islands
Construction
Work highlights
Acted for Asian Development Bank in preparations for the development of water infrastructure in New Clark City.
Key clients
Asian Development Bank
Corporate and M&A
Work highlights
Assisting GT Capital Holdings in the divestment of a 51% stake in Property Company of Friends (Pro-Friends), a real estate company in the Philippines.
Key clients
China Telecom
Dispute resolution
Work highlights
Acting for Therma Mobile and Therma Luzon respectively in cases regarding the Energy Regulatory Commission’s decision to void market prices and impose regulated prices in the power industry.
Key clients
Emirates Airlines, Energy Development Corporation
Puyat Jacinto & Santos
A highly regarded law firm Puyat Jacinto & Santos enjoys another year of ‘Outstanding’ tier in Energy and Construction tables. The firm has been very active in banking and finance, competition/antitrust and corporate and M&A. Monalisa Dimalanta is a key lawyer in the energy sector.
Banking and finance
Work highlights
Assisting Golden Legacy Finance Corporation in regards to its $19 million corporate term loan facility with the United Coconut Planters Bank.
Key clients
Altus Capital, Tala Financing Philippines
Competition/antitrust
Work highlights
Represented Uber before the PCC in a case concerning possible anti-competitive effect from Uber’s acquisition of 28.5% shares in Grab.
Key clients
Aboitiz Power Corporation
Construction
Work highlights
Advised San Buenventura Power in relation to the development of a coal-fired thermal power plant. The firm was involved in various aspects of the project including reviewing of the power supply agreement and obtaining proper licenses and permits.
Key clients
Metpower Venture Partners Holdings
Corporate and M&A
Work highlights
Assisted Universal Robina Corporation and its subsidiary, URC Snack Foods in the negotiations for a joint venture with Calbee and the related party agreements.
Acted for Electricity Generating Public (EGCO Group) in the sale of its 49% indirect interest in Masinloc Power Partners Company.
Represented North Renewables Energy Corporation in the purchase of all of the shares in VSNRGC, the administrator for the generated capacity of the 70MW Bakun hydropower plant.
Key clients
Uber, Universal Robina Corporation
Dispute resolution
Work highlights
Representing several power generation companies in disputes over construction and operations of their facilities.
Labour and employment
Work highlights
Advising FPD Asia Property Services in regards to labour contracting and compliance with the latest regulation laws.
Key clients
Medcor
Client feedback
“Agile service with profound knowledge of banking regulation and practice.” – Banking and finance
“Demonstrated expertise in the subject matter; clear and straightforward advice; personable and friendly partners.” – Capital markets
“PJS law firm is very responsive and has deep knowledge in the technical aspects of capital markets transactions and taxation rules in the Philippines.” – Capital markets
“Easy to work with; quick and relevant advise; strong in transactions, especially in M&As.” – Corporate and M&A
“The company gave us impeccable advice on the various ways to protect our interests in the future transfer of shares. They also assisted us greatly in the Philippine Competition Commission process.” – Corporate and M&A
“Very strong foundation and legal aspects of the formation of new companies and joint ventures.” – Corporate and M&A
“The lawyers of PJS Law especially Roy Enrico Santos were very accommodating and well versed when it comes to legal matters. Experienced in handling multiple cases in different fields is one of their strengths.” – Dispute resolution
“The firm is practical in approach; has obvious knowledge and experience in areas where we sought advice and feedback. Strategic in thinking and can also provide assistance in implementing the recommended course of action.” – Dispute resolution
“We've been fortunate to have them as advisers since their expertise and service permeates all aspects of project development.” – Energy
“Very reliable firm overall. Deep bench team; partners are available to respond to queries around the clock; proposes flexible and outside the box solutions with experience and knowledge in the sector.” – Energy
“PJS is on time and very detailed in terms of reviewing the contracts.” – Oil and gas
Maria Raquel Chavez
“Agile service with profound knowledge of the finance and banking industry.”
Ramil Bugayong
“Demonstrated expertise in matters related to banking and finance.”
“Ramil is highly attentive to details, very technical and responsive of our needs.”
Monalisa Dimalanta
“One of the best lawyers in the Philippines. Terrific understanding of the commercial needs of the business together with the legalities to be handled.”
Roy Enrico Santos
“He exceeds our expectations in providing the legal services that we are looking for. He goes above and beyond to ensure that our concerns are answered according to the law.”
Fidel Valeros
“Practical in his approach and responsive - immediately calls back or responds to email.”
Najha Katrina Estrella
“She always takes the extra mile. She is our trusted adviser. She understands our corporate needs and an expert in energy, environment and policy.”
Rowena Fatima Salonga
“Soft spoken but holds firm on critical issues; responsive and responsible; knowledgeable about the industry and can opine on market practice; honest and professional.”
Quisumbing Torres
Quisumbing Torres is a member firm of Baker McKenzie, offering specialised legal expertise across all practice areas and sectors. The firm is highly ranked in capital markets, competition/antitrust, corporate and M&A, dispute resolution, IP and tax. The firm improved its rankings in Competition/antitrust and Real estate this year.
Corporate and M&A
Work highlights
Assisted Energy Development Corporation in relation to its delisting from the Philippine Stock Exchange.
Key clients
American Express International, Cleantech Energy, Pfizer, Sankyu Construction Philippines
Client feedback
“The firm always gives detail and punctual advice to us also give the most reasonable way of handling the transactions. They always try to match whatever the clients need but still in compliance with the laws and regulations.” – Corporate and M&A
“QT are trusted advisers for us in the Philippines. Their strengths are prompt and efficient service, responsive team, deep knowledge and expertise in the local market.” – Corporate and M&A
“The law firm's work is responsive, concise and relevant. I work with many law firms around the world and this one adds significant value to our business.” – Corporate and M&A
“The lawyers of the firm that I've worked with are all competent. What is much appreciated is that most of them are willing to accommodate emergencies from the business, prompt in providing relevant guidance.” – Labour and employment
Julius Cervantes
“This lawyer is exceptional and very easy to work with. His responsiveness and calibre of legal advice are exceptional.”
Alain Charles Veloso
“He is a really attentive lawyer even though he is so busy but he really tries to tend our needs. He also has a good understanding of the local regulations and how to match it with our needs.”
“Charles is a trusted adviser. His team helps us to keep our Philippines entity up and running.”
Eliseo Zuñiga
“Zuniga is very competent, responsive and accommodating. It is much appreciated that they take our ideas and help find solutions.”
Romulo Mabanta Buenaventura Sayoc & de los Angeles
Capital markets
Work highlights
Advised underwriters, including BPI Capital Corporation and JPMorgan Securities on stock rights offering of common shares of Bank of the Philippine Islands trading on the Philippine Stock Exchange.
Key clients
Bank of the Philippine Islands
Corporate and M&A
Work highlights
Acted for Robinsons Retail Holdings in its acquisition of 100% of the issued outstanding capital shares in Rustan Supercenters through a share swap.
Key clients
Udenna Corporation, The Walt Disney Company, 21st Century Fox
SyCip Salazar Hernandez & Gatmaitan
Undisputed firm SyCip Salazar Hernandez & Gatmaitan is ranked ‘Outstanding’ across 13 practice areas and sectors in our tables. The firm jumps to a higher tier in Aviation and shipping and Competition/antitrust categories this year. During the research period, the firm promoted four partners and hired Catherina Fernandez as special counsel for tax and special projects.
Banking and finance
Work highlights
Advised a syndicate of local banks led by BDO Unibank, on $1 billion loan facility to Bloomberry Resorts and Hotels for the purpose of refinancing and working capital requirements.
Key clients
Aboitiz Equity Ventures, ANZ Funds, Apo Agua Infrastructura, Citigroup Global Markets, Mizuho Bank
Capital markets
Work highlights
Acted for BPI Capital Corporation and Standard Chartered Bank as joint lead managers in the first issuance of green bonds valued at $90 million in the Philippines.
Key clients
Bank of the Philippine Islands, BDO Capital and Investment Corporation, JP Morgan Securities, NLEX Corporation
Competition/antitrust
Work highlights
Represented Indonesia Asahan Aluminium (Inalum) and Freeport-McMoRan, a mining company based in Arizona, to obtain clearance from the PCC. This is the first merger notification in the Philippines involving the aluminium and copper industries.
Key clients
AXA, Coca-Cola FEMSA, KEPCO Philippines Holdings, Rockwell Collins, Tencent, Toyota
Construction
Work highlights
Advising San Miguel Corporation on its unsolicited proposal for the financing, design, construction, and operation and maintenance of the New Manila International Airport including an airport toll road in Bulacan, Philippines. The firm is drafting and negotiating the concession agreement and related documents.
Key clients
NKT HV Cables, Mitsubishi Corporation, San Miguel Corporation
Corporate and M&A
Work highlights
Acted as Philippine counsel to certain investors in their investment in PLDT financial technology unit, Voyager Innovations, a Singapore-based company with Philippine subsidiaries providing fintech services such as PayMaya, Lendr and Freenet. This transaction has been described as the largest investment to date in a Philippine technology company.
Assisted KEPCO Philippines Holdings in its acquisition of 38% interest in Solar Philippines Calatagan.
Key clients
Archipelago Capital Partners, Grab, Lawson, Dairy Farm Group, Nippon Kodoshi Corporation
Dispute resolution
Work highlights
Successfully defended Filminera Resources against claims of causing environmental damage due to mining operations by providing evidence that the client conducted its operations in full compliance with related environmental law.
Key clients
Ford Group Philippines, Manila Electric Company, Platinum Group Metals
Intellectual property
Work highlights
Represented Instagram in a trademark opposition case filed against the registration of applicant ‘Investagrams’ mark.
Key clients
Dart Industries, Jackel International, Kellogg, Taurus Energy
Labour and employment
Work highlights
Assisted Thomson Reuters in the reorganisation and transfer of employees to Blackstone Group after the sale of its financial and risk business.
Key clients
Cargill Philippines, Philippine Airlines, Skyview Capital
Client feedback
“The firm is strong in its knowledge of the industry and of our position in the negotiation points. The lawyers are easily accessible to us, and provide prompt and substantial responses.” – Banking and finance
“Very knowledgeable of local regulations and vast experience in capital markets. Give their clients a number of options as to how to resolve a pending issue. Timely responses to queries.” – Capital markets
“Sycip Law has a very strong M&A team led by Marievic Anonuevo and Leah Abutan. They were very good during negotiations and was always on-time regarding documentations. They were hands-on throughout the whole process.” – Corporate and M&A
“They can pinpoint the loopholes of the issue and problems we raised to them and can provide solutions to address it. The fact that they are able to present all of the options (including the bad and the good, risk determination, strengths and weaknesses, possibility of facing court case), without sugar-coating their advice, is one of their strong points.” – Labour and employment
“The firm's lawyer we worked with provides excellent and responsive advice. She was intensely focused and sharp, and that we've come to rely on her for our company's employment related issues and concerns throughout the years.” – Labour and employment
“Russel and his team always provide high quality, clear and commercial advice that is client ready. They always meet very tight deadlines, often working late as well as weekends. It is a please working with them.” – Labour and employment
Leslie Dy
“Excellent knowledge and skills in terms of Philippine labour law - she is able to pinpoint the root problem of the concern/issue of our business and can provide practical solutions thereof. She has in-depth knowledge of our corporate business, as-it-is, and can determine ways of improving the same to achieve business goals.”
“We get consistently excellent and responsive advice from her. I find her to be intensely focused and sharp, and that we've come to rely on her for our company's employment related issues and concerns through the years.”
Melyjane Bertillo-Ancheta
“She provides out of the box solutions and pursues earnestly the agreed solution.”
Marievic Ramos-Añonuevo
“Marievic and her team are well experienced in M&A transactions. They were a very competent team for us during the whole process.”
“Anonuevo has an excellent grasp of the industry and legal matters related thereto. She understands the client as well as able to present the position of the bank clearly and accurately.”
Russel Rodriguez
“Russel is an exceptional lawyer. His advice is commercially driven, clear and easy to understand for someone who is not an expert in Philippine law.”
Villaraza & Angangco
Villaraza & Angangco enjoys its improvement in the following ranking categories: Corporate and M&A, Dispute resolution, Intellectual property, Real estate and Technology and telecommunications. The firm also enters the Labour and employment table for this first time this year.
Construction
Work highlights
Assisting Cathay Drug Company in the preparations for the development of a $10 million pharmaceutical laboratory.
Corporate and M&A
Work highlights
Acting for China Telecommunications in their planned investment in Mindanao Islamic Telephone Company, a consortium consisting of Udenna Corporation, Chelsea Holdings, and China Telecom.
Key clients
Fountel Corp, Shopee Philippines
Dispute resolution
Work highlights
Representing Globe Telecom in a case before the Court of Appeals seeking invalidation of the PCC’s ruling. The client’s purchase of 100% shares in Vega Telecommunications was previously not approved by the PCC.
Key clients
Hijo Resources, Rizal Commercial Banking
Intellectual property
Work highlights
Assisting Innogen Pharmaceuticals, a generic pharmaceutical company, on four patent cancellation cases involving two compounds, namely, Etoricoxib and Sitagliptin. A successful outcome will ensure access to more affordable drugs.
Key clients
ABS-CBN, Jarrow Formulas, Petron
Client feedback
“They provide a very professional consultant service.” – Construction
“Provides professional legal due diligence services. The lawyers are professional and patient.” – Corporate and M&A
“Very good. They gave good advice for the proposed joint venture agreement being drafted.” – Corporate and M&A
“Excellent service, good commercial advice and flexible in considering all potential options to assist the client.” – Intellectual property
“They provided satisfactory work at a relatively reasonable cost.” – Real estate
Katrina Doble
“Excellent service, proactive, flexible in presenting different potential approaches to issues and very good knowledge of the law.”
Sylvette Tankiang
“Sylvette has very good knowledge of the industry and very reliable.”
Zambrano Gruba Caganda & Advincula
Zambrano Gruba Caganda & Advincula is best known for its tax practice. The firm is also active in the banking and finance and corporate and M&A work. Lily Gruba, Angelo Patrick Advincula and Antero Jose Caganda are key contacts.
Banking and finance
Work highlights
Acted for the Philippine Bank of Communication in its issuance of long term negotiable certificates of time deposits.
Key clients
Asia United Bank Corporation
Corporate and M&A
Work highlights
Advised an investment holding company on its acquisition of a local liquefied petroleum gas company. The firm was involved in the drafting of transaction documents and tax clearance.
Tax
Work highlights
Advised a mining company on a case concerning the cancellation of the deficiency tax assessments including income tax, VAT (value-added tax) and withholding tax.
Client feedback
“Good knowledge with the tax laws and prompt response.” – Tax
Antero Jose Caganda
“Responsive and offer solutions that are pragmatic.”
- Featured firms
- ACCRALAW
- Cruz Marcelo & Tenefrancia
- Del Rosario & Del Rosario
- Disini & Disini Law Office
- Du-Baladad and Associates (BDB Law)
- Federis & Associates
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- Zambrano Gruba Caganda & Advincula
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