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Overview
Following a difficult twelve months in 2007/2008 – when firms in the Philippines waited to see if foreign investment would pick up – the region is now reaping the benefits of a highly regulated market, which has left it relatively unscathed and less vulnerable than many others in an uneasy financial climate. There has been a recent resurgence in the mining industry and firms are jostling for a place in the lucrative business process outsourcing (BPO) market.
Project finance work is also on the up, following a government push to privatise power plants and projects. Conservative and prudent regulators have also brought in a raft of immigration and tax-related work, and the labour and employment markets have remained buoyant.
The firms at the top of our rankings remain the same, but in a strong market, smaller boutique firms are branching out into new areas.
Litigation powerhouse Angara Abello Concepcion Regala & Cruz (ACCRALAW) and corporate and commercial leader SyCip Salazar Hernandez & Gatmaitan are among the largest full-service firms in the Philippines, while Romulo has an unrivalled reputation for tax matters.
Although foreign firms are not permitted to have offices in the Philippines, Quisumbing Torres benefits from its affiliation with Baker & McKenzie LLP, affording it a niche in the market. A number of leading international firms are active in the Philippines market through their Hong Kong and Singapore offices.