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The Philippines remains a bright spot in the global economy and has the highest GDP growth rate in Asia, reporting 6.8% growth in 2012, and 7.8% growth in the first quarter of 2013. With the economies of its two largest export partners Japan and the US, starting to send positive signals, this growth should hopefully continue, especially in Business Process Outsourcing (BPO), manufacturing and mining.
This relative buoyancy has allowed the country’s top law firms, including Romulo, SyCip Salazar Hernandez & Gatmaitan, Angara Abello Concepcion Regala & Cruz Law Offices (ACCRALAW) and Picazo Buyco Tan Fider & Santos, to flourish. The fact that they have little competition from international firms has also helped. Only Baker & McKenzie has a foothold in the market, through its top-notch correspondent firm Quisumbing Torres, which fields several excellent, top tier practices. The market remains relatively stable, with few changes affecting law firms. Nevertheless, 2013 did see the firm Villaraza Cruz Marcelo & Angangco, which had strong links to previous government administrations, split into two separate firms: Villaraza & Angangco and Cruz Marcelo & Tenefrancia.