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Following the election of President Rodrigo Duterte in May 2016, the Philippine market experienced a period of hesitation and a general slow-down in activity during the second half of 2016 in anticipation of economic reforms. Nevertheless, the economy remains robust and increased liquidity in the market has resulted in an uptake in financial activity and infrastructural development. Foreign investors continue to show an interest in the Philippines and inbound investment has steadily risen in the technology and energy sector, while domestic corporates are increasingly investing overseas.

The Business Process Outsourcing (BPO) sector remains one of the leading contributors to the Philippine economy, while developments within the energy sector remain a key source of instruction for lawyers across a range of practice areas. Renewables have become a major focus within the energy industry and several development projects are underway; the renewable energy expansion seeks to develop the country’s solar, hydroelectric and wind power capabilities, and is already boosting employment, economic growth, and foreign investment.

The legal market remains stable and a range of full-service firms continue to dominate the scene, including Angara Abello Concepcion Regala & Cruz Law Offices (ACCRALaw), SyCip Salazar Hernandez & Gatmaitan, Romulo Mabanta Buenaventura Sayoc & De Los Angeles, and Quisumbing Torres (a Baker McKenzie LLP correspondent firm).

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