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

Romulo Mabanta Buenaventura Sayoc & De Los Angeles’ global reputation means that it is the choice of many corporations that are regional powers or international household names. It also garners respect from peers. One competitor notes: “We see the firm across the table from us, and the lawyers have always been sharp and great to work with.”

In a key transaction this year, well regarded partner Perry Pe advised Lotte Chilsung Beverage, a beverage manufacturing company and a member of Korea’s Lotte Group, in the acquisition of a 34% controlling stake in Pepsi Cola Philippines. The deal, completed in October 2010, was valued at PHP3.9 billion (US$91 million).

“What I like about this firm is that it doesn’t use personal relationships or favours to get ahead, because those change,” says one client. “It relies on good work and the lawyers’ own personal knowledge.”

SyCip is the largest law firm in the Philippines, and one of the few with an international reputation. Clients particularly appreciate the firm’s emphasis on integrity.

A highlight for the firm is its representation of the Philippine Long Distance Telephone Company (PLDT) in its acquisition of 51% of the shares of Digital Telecommunications Philippines (Digitel). PLDT is expected to acquire Digitel for PhP74.1 billion, which is the largest buyout in Philippines corporate history.

“Although the firm is perhaps best known for its litigation practice, the banking and corporate practice is an up and coming player in the Philippine market,” says one peer.

Partner Judy Hao has acted for San Miguel on two acquisitions of transportation infrastructure companies this year. In the first, San Miguel invested in Universal LRT Corporation, which has the right to finance, design, construct and commission the MRT Line-7 project.

The other matter involved San Miguel’s purchase of 97% of the capital stalk of the Caticlan International Airport Development Corporation. This corporation possessed the rights, from design to construction to operation, of the Caticlan airport.

“Picazo Buyco Tan Fider & Santos should be considered a top contender in the rankings every year,” comments one peer.

With compliments like these, it is no surprise that the firm frequently works for large regional and multinational corporations. Although it is better known for its banking prowess, the firm has a solid M&A practice led by founder and managing partner Antonio Picazo. “Antonio Picazo has a brilliant legal mind,” notes one competitor.

Important clients include National Grid Corporation of the Philippines, Kirin Brewery, Toyota and Mitsubishi. The firm also frequently provides advice to regulators, such as the Securities and Exchange Commission.

“We’ve worked with many firms in the market, but only a few are comparable to PJS Law,” says one client. The firm is a force in the Philippine market, and has added a handful of associates this year to increase its capacity. It is especially active in representing foreign companies in their acquisition of Philippine energy entities.

In one deal, partner Regina Jacinto Barrientos is representing Korea Water Resources in its US$441 million bid for the acquisition of a 246MW Angat Hydroelectric Power Plant. This is under the privatisation process by Power Sector Assets & Liabilities Management Corporation.

“The level of technical expertise and innovation exhibited by Poblador Bautista & Reyes was outstanding, especially given the limited time available, the confidentiality required, and the due diligence provided,” says one client.

Partner Gilbert Reyes also earns plaudits from clients. One says: “[He] acted with utmost professionalism, more so during a difficult period over the holidays, and with utmost confidentiality.”

The firm’s involvement in Top Frontier Investment Holdings’ cross investment agreement with San Miguel Corporation was a highlight this year. Partner Raymund Rodriguez, head of the firm’s M&A practice, and partner Alexander Poblador advised Top Frontier Investment in a transaction worth PhP64.3 billion.

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.

Clients and peers laud Quisumbing Torres for its international connections obtained through its membership in Baker & McKenzie’s network. The firm’s global contacts mean it is an obvious choice for many multinational corporations.

The firm’s focus on service is also notable. “The firm’s lawyers are highly accessible and always willing to deliver according to clients’ expectations,” says one client. “The firm is also proactive in updating clients with development issues and policies – such as new laws and other statutes – that would affect key industry sectors.”

Leading lawyers include head of the energy, mining and infrastructure practice, Pearl Liu, and head of the corporate and commercial area, Jocelyn Gregorio-Reyes.

Kapunan Garcia & Castillo Law Offices

Kapunan Garcia & Castillo Law Offices has expanded its corporate practice, hiring four junior associates. In the firm’s largest deal this year, it advised Lorca Holdings regarding the sale of a property worth PhP105 million and the acquisition of two condominium units worth PhP40.4 million.

Ocampo & Manalo

Name partner CT Ocampo of Ocampo & Manalo has handled several important M&A deals this year. Most notably, he assisted Professional Services (PSI), which operates Manila hospital Medical City, in its acquisition of hospitals in the Philippines and Guam. In another transaction, Ocampo advised food manufacturer CDO Foodsphere regarding assignment of ownership to minority shareholders.