Asialaw Profiles
The Guide to the legal markets of the Asia-Pacific

Puno & Puno has added to its bench of talent this year, luring associates from Indonesia’s Makes & Partners and KPMG Manabat Sanagustin & Co.

“Puno & Puno is very well known for its capability in finance, especially projects work and energy matters,” says a competitor.

The firm’s banking practice has acted for First Gen Corporation on several transactions this year. For example, in one transaction, name partner Roderico Puno assisted in securing a US$142 million term loan facility. In a second matter, he acted as borrowers’ counsel on a note facility comprising two tranches that would allow the company to borrow up to US$100 million from Philippine bank BDO.

Although the bulk of Puno & Puno’s work is related to energy and project finance, the firm completes a substantial amount of M&A work, usually for power related clients. Well regarded partner Roderico Puno heads the firm’s corporate practice, which comprises both M&A and project finance work.

In the firm’s largest M&A deal this year, partner Elizabeth E Peralta Loriega led Aboitiz Renewables and Luzon Hydro Corporation in their divestment of all interests in Pacific Hydro Bakun in Luzo Hydro Bakun. This large exit involved shares and US$12 million in shareholder advances in Luzo Hydro Bakun, as well as divestment of all shares held by Pacific Hydro Tagoloan in Tagoloan Hydro Corporation.

Puno & Puno is well known for its prowess in project finance and is also generally strong in the corporate area, which is an asset to its real estate and construction practice. Partner Roderico Puno is head of the corporate department under which the real estate and construction area is categorised.

Most of the real estate deals the firm has handled this year have involved M&A transactions. Partner Joseph Marigomen is representing Ausphil Tollways in its acquisition by Premier Capital Venture for PhP797 million. Name partner Regis Puno is also advising Rockwell Land in its PhP3.5 billion acquisition of a 36,000 square metre property, which it intends to develop into a residential condominium community.

“Puno & Puno is very active and is one of the best in the Philippines,” says one partner at a rival firm. The energy practice, led by name partner Roderico V Puno, also garners exceptional praise from clients.

“Of all energy focused attorneys in the country, name partner Roderico Puno is most noted for his expertise and hands on approach,” says one.

Puno & Puno’s strong energy practice is a product of its highly regarded project finance practice, which is well known in the Philippine market.

In a landmark deal this year, Puno and partner Elizabeth Ma advised Philippine Hybrid Energy Systems on the construction and financing of a wind energy power system project in Oriental Midoro. Construction will be in two phases, and will require PhP6 billion (US$141 million) in funding.

Del Rosario & Del Rosario

Del Rosario & Del Rosario’s strong tax practice covers issues relating to its strong shipping, maritime and aviation practice areas. It has advised shipowners from countries as diverse as Norway, Cyprus and Germany on legal matters, including tax restructuring, after changes in the Migrant Workers & Overseas Act last year.

Kapunan Garcia & Castillo Law Offices

In its largest tax case this year, Kapunan Garcia & Castillo Law Offices advised Philippine Associated Smelting & Refining (PASAR) in a PhP18 million dispute against the Bureau of Internal Revenue regarding excise taxes and tax free zones. The firm’s tax practice has grown this year, adding two junior associates one of whom was formerly a tax supervisor and the other a tax consultant.

Puno & Puno

Puno & Puno has added three new associates in tax, including a CPA from KPMG Manabat Sanagustin & Co, greatly expanding its capabilities. The firm assisted Aboitize Renewables and Luzon Hydro Corporation on its divestment of all interests in Pacific Hydro Bakun. Puno & Puno structured this exit to minimise tax exposure to both parties.

Puyat Jacinto & Santos

Puyat Jacinto & Santos’ tax practice, which is led by real estate partner Virginia Viray, acts for high profile clients such as Hewlett-Packard Philippines. Although the firm lacks a dedicated practice, it is advising a Reit on tax structuring for the acquisition of land and the proposed construction of serviced apartments. It also is representing several clients before the Bureau of Internal Revenue, Court of Tax Appeals and the Supreme Court.

Villaraza Cruz Marcelo & Angangco

Partner Sylvette Y Tankiang heads the tax practice at Villaraza Cruz Marcelo & Angangco. The full service firm’s strong international reputation has resulted in its representation of regional corporations, such as AP Renewables, HSBC Trustee, JT International and Pilipinas Shell Petroleum, in tax disputes against the Bureau of Internal Revenue and the Bureau of Customs.

Zambrano & Gruba

Attorneys Angelo Patrick F Advincula and Michael Geronimo head the tax practice at Zambrano & Gruba, which specialises in both advisory and litigation. The firm maintains a prestigious list of local clients, including the Philippine National Bank, Philippine Airlines, De La Salle University System, Grand Plaza Hotel and Kepco Iljan.