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Editorial

Overview

The economic growth and foreign investment enjoyed by the Philippines, one of Asia’s fastest-growing economies, continued into 2015. The infrastructure sector has seen significant investment, with major national expressways and light rail transit systems now underway – though activity in projects and real estate slowed ahead of the 2016 presidential election. Domestic banks were remarkably liquid, reducing the need for foreign banks to finance large projects; borrowers have been less dependent on capital markets for funding.

Several sectors were notably active: although Romulo Mabanta Buenaventura Sayoc & De Los Angeles is still the premier tax firm, numerous other tax practices were busy throughout the year, with clients looking to navigate the country’s 30% corporate income tax rate and relatively aggressive attitude towards tax collection; the resources market, including but not limited to renewable energy, has also been busy; and there has been no shortage of BPO activity in the Philippines.

The larger domestic firms – most notably Angara Abello Concepcion Regala & Cruz Law Offices (ACCRALAW), Romulo Mabanta Buenaventura Sayoc & De Los Angeles and SyCip Salazar Hernandez & Gatmaitan – continue to provide strong service across various practice areas.

Although foreign firms are not allowed to establish themselves in the Philippines, some have associated or member firms based in Manila offices; for example Quisumbing Torres is Baker & McKenzie’s correspondent firm in the Philippines.

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