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

“We see Romulo Mabanta Buenaventura Sayoc & De Los Angeles across the table from us, and the lawyers have always been sharp and great to work with. The firm is definitely top notch material,” says one peer. “The firm’s ability on securities is especially good.”

RMBSA’s banking practice is a traditionally an important player in the banking and finance sector and is well respected in the Philippine legal market, with special praise reserved for practice head Jose Salvador Mirasol. Peers note that Mirasol has a “formidable reputation within the banking community”, and possesses “excellent legal expertise”.

In the last year, the firm has acted for large multinational banks such as Credit Suisse, BNP Paribas and Deutsche Bank.

SyCip Salazar Hernandez & Gatmaitan is one of the premier firms in the Philippines and has vast experience with bond issuances and other banking and finance transactions. Clients and peers alike agree that SyCip is a top tier firm for both expertise and service.

In one landmark transaction, partner Jose Ma G Hofileña advised joint deal managers HSBC, BPI Capital, First Metro and the Land Bank of the Philippines in the Philippines’ largest bond swap programme. The government issued PhP200 billion (US$4.7 billion) in 25- and 10-year treasury bonds, which created a liquid long term benchmark that will assist the development of the domestic capital market.

Hofileña is a favourite of clients. “He possesses the most sophisticated understanding of project finance in the Philippines,” says one client. “When I work with him on international deals, people recognise him. He has a global reputation.”

Castillo Laman Tan Pantaleon & San Jose maintains a prestigious list of international clients that comprises Asian Development Bank, Jardine Matheson and the International Finance Corporation.

Of all of Castillo’s talented banking and finance lawyers, peers and clients alike single out partner Mel Macairag for praise. “He is an important figure in the legal market here, and always looks out for the interests of his clients,” says one peer. “He is a tough negotiator, but is well respected.”

In one of the firm’s largest transactions this year, it acted as local counsel to the International Finance Corporation regarding an investment in Rizal Commercial Banking Corporation.

“Picazo Buyco Tan Fider & Santos should be considered a top contender in the rankings every year,” says one competitor. The firm is especially active in the banking area, in which it has completed several large bond and note issuances this year.

Banking partner Gabriel Dee is noted by peers and clients alike for his exceptional ability. “With partners such as Gabriel on board, the firm should only be looking upwards,” says one peer.

Picazo Buyco acted for the issuers SMC Global Power Holdings on an issue of 7.0% notes due 2016. This transaction was completed in January 2011 and valued at US$300 million.

PJS Law has an outstanding project finance practice that specialises in energy deals that have dominated the Philippine legal market in the last year. The firm’s growth is accelerating, and it has hired over 10 associates across its banking and project finance practices to handle the increasing workload.

The firm is working in conjunction with KPMG Manabat Sanagustin & Co to assist the Asian Development Bank’s initiative to establish a Philippine institution similar to India’s Infrastructure Finance Company (IDFC) or the Indonesian Infrastructure Financing Facility (IIFF). The new institution will help facilitate and finance public private partnership (PPP) infrastructure projects, and could profoundly reshape the project finance industry in the Philippines.

Though its litigation practice often steals the spotlight, Poblador Bautista & Reyes’ banking and finance practice is a popular choice for many clients in the Philippine market.

In one highlight transaction, partner Alexander Poblador is acting for United Overseas Bank Philippines, a subsidiary of Singapore’s United Overseas Bank, in issues from its sale of over PhP1 billion in non performing loans and other assets to a special purpose vehicle.

Poblador also assisted a client in procuring a US$1 billion credit facility from an international bank and represented the Bank of Commerce in handling large delinquent accounts.

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.

Quisumbing Torres is well regarded for its integrity, and clients appreciate its commitment to avoiding bribery and corruption. “[The firm] is well known in the industry as a firm who sticks fast to its principles,” says one client.

The firm’s banking and finance group is led by partner Felix Sy, a fixture in Manila’s legal community. Clients describe him as a “capable and professional” legal mind.

Sy acted for Korea Electric Power Corporation (KEPCO) in conducting due diligence on its acquisition of a British corporation that holds a minority interest in two power companies in the Philippines.

Angara Abello Concepcion Regala & Cruz, also known as ACCRALAW, is especially known for its litigation practice. However, its exceptional project finance team, which is led by senior partner Francisco Ed Lim, also garners accolades.

Lim only returned to the firm midway through 2010 after a six year tenure as the President and CEO of Securities Clearing Corporation of the Philippines. But he re-established himself quickly in the firm and is already taking part on a number of large project financing deals, especially in the energy sector.

“The firm provides tailor fitted contracts and agreements that take into account not only basic requirements of the law but also the nuances of each transaction,” says one client of Villaraza Cruz Marcelo & Angangco.

Although the firm is best known for its litigation capability, its banking and finance practice is also strong. In one highlight transaction, partners Manuel L Manaligod Jr and Franchette M Acosta advised co-lead underwriter Unicapital Securities on the IPO of IP Converge Data Centre, which listed on the Philippine Stock Exchange.