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SyCip Salazar Hernandez & Gatmaitan

SYCIPLAW CENTER, 105 PASEO DE ROXAS, 1226 MAKATI CITY, METRO MANILA 1226, PHILIPPINES
Tel:
Work +63 2 982 3700
Fax:
Fax +63 2 817 3896
Email:
Web:
www.syciplaw.com
Cebu, Davao, Manila, Subic Bay Freeport Zone

Press releases and law firm thought leadership

This page is dedicated to keeping readers informed of the latest news and thought leadership articles from law firms across the globe.

If your firm wishes to publish press releases or articles, please contact Shehab Khurshid on +44 (0) 207 396 5689 or shehab.khurshid@legalease.co.uk

 

SyCipLaw Receives 4 asialaw Asia-Pacific Legal Practice Awards Nominations

November 2017. Press Releases by SyCip Salazar Hernandez & Gatmaitan (view listing).

SyCip Salazar Hernandez & Gatmaitan (SyCipLaw) received nominations for the Philippines Firm of the Year; Banking & Finance Firm of the Year; IT, Telecoms & Media Firm of the Year; and South-east Asia Firm of the Year categories of the inaugural asialaw Asia-Pacific Legal Practice Awards.

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SyCipLaw is Top Tier Firm in IFLR1000 2018 Rankings

November 2017. Press Releases by SyCip Salazar Hernandez & Gatmaitan (view listing).

The IFLR1000 2018 rankings are out. SyCipLaw is ranked Tier 1 in all practice areas covered by their research. These are: Banking, M&A, Project finance, Capital markets, Project development, and Restructuring and insolvency.

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SyCipLaw is Philippine Law Firm of the Year at the ALB Philippine Law Awards 2017

October 2017. Press Releases by SyCip Salazar Hernandez & Gatmaitan (view listing).

For the second year in a row, SyCip Salazar Hernandez & Gatmaitan (SyCipLaw) was named Philippine Law Firm of the Year, Arbitration Law Firm of the Year, and Banking and Financial Services Law Firm of the Year at the 2nd ALB Philippine Law Awards. The firm also received the Construction and Real Estate Law Firm of the Year, while SyCipLaw partner Emmanuel M. Lombos was named Dispute Resolution Lawyer of the Year.

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SyCipLaw is National Law Firm of the Year at the 2017 Asialaw Asia-Pacific Dispute Resolution Awards

October 2017. Press Releases by SyCip Salazar Hernandez & Gatmaitan (view listing).

SyCip Salazar Hernandez & Gatmaitan (SyCipLaw) was recognized as the Philippine National Law Firm of the Year at the 2017 Asialaw Asia-Pacific Dispute Resolution Awards. SyCipLaw partners Anthony W. Dee and Ronald Mark C. Lleno received the award on the firm’s behalf.

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6 SyCipLaw Lawyers Included in Who’s Who Legal 2017 Experts Lists

October 2017. Press Releases by SyCip Salazar Hernandez & Gatmaitan (view listing).

Six of SyCip Salazar Hernandez & Gatmaitan’s lawyers are listed in various Who’s Who Legal 2017 experts lists. Who’s Who Legal publishes 34 individual practice area guides covering corporate and commercial law, listing leading experts in these practice areas from over 150 national jurisdictions.

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SyCipLaw receives 12 ALB Philippine Law Awards 2017 nominations

October 2017. Press Releases by SyCip Salazar Hernandez & Gatmaitan (view listing).

SyCip Salazar Hernandez & Gatmaitan (SyCipLaw) has been shortlisted in twelve categories of the ALB Philippine Law Awards 2017. The firm is nominated for ten firm of the year categories, and two of its partners are nominated for lawyer of the year categories.

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SyCipLaw receives Who’s Who Legal 2017 Country Award

September 2017. Press Releases by SyCip Salazar Hernandez & Gatmaitan (view listing).

The July 2017 issue of the Asian Legal Business (ALB) includes a Philippine regional update by SyCipLaw partner Hiyasmin H. Lapitan and associate Jo Margarette W. Remollo entitled, “Guidelines on Related Party Transactions for Insurers in the Philippines”. The article summarizes the Insurance Commission’s compliance guidelines on related party transactions, as set out in Insurance Circular Letter No. 2017-29. The Circular covers insurers, reinsurers, branch offices of foreign insurers, mutual benefit associations, pre-need companies, and health maintenance organizations and their intermediaries.

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Announcement of New SyCipLaw Partners

January 2017. Press Releases by SyCip Salazar Hernandez & Gatmaitan (view listing).

SyCip Salazar Hernandez & Gatmaitan (SyCipLaw) is pleased to announce the admission of Aaron Roi B. Riturban and Franco Aristotle G. Larcina to the partnership.

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Limay Project Recognized as Best Power Deal in the Asia Pacific Region

January 2017. Press Releases by SyCip Salazar Hernandez & Gatmaitan (view listing).

The Limay, Bataan power project was recognized by IJGlobal as the “Best Power Deal in the Asia Pacific Region”. SyCipLaw acted as local counsel to DBS Bank Ltd., Mizuho Bank, Ltd. and Standard Chartered Bank, the structuring banks in the US$400 million Project Financing of a new 300MW coal-fired power plant in Limay, Bataan of SMC Consolidated Power Corp. Read more information on this transaction.

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Highlights: PRAC 60th International Conference in Manila

January 2017. Press Releases by SyCip Salazar Hernandez & Gatmaitan (view listing).

SyCip Salazar Hernandez & Gatmaitan hosted the Pacific Rim Advisory Council (PRAC) 60th International Conference last September 24-27, 2016. The Conference gathered 43 delegates from PRAC member firms in Australia, Brazil, Canada, China, Hong Kong, India, Indonesia, Malaysia, Mexico, New Zealand, Panama, Philippines, Singapore, South Korea, Spain, Taiwan, The Netherlands, and the United States of America. The conference program provided delegates with various learning and networking opportunities.

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SIAC Rules 2016 Roadshow

January 2017. Press Releases by SyCip Salazar Hernandez & Gatmaitan (view listing).

The Singapore International Arbitration Centre (SIAC) held “The User’s Guide to the SIAC Rules 2016” last November 24, 2016 and the Young SIAC (YSIAC) Advocacy Workshop last November 25, 2016.

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Announcement of New SyCipLaw Partners

January 2017. Press Releases by SyCip Salazar Hernandez & Gatmaitan (view listing).

SyCip Salazar Hernandez & Gatmaitan (SyCipLaw) is pleased to announce the admission of  Aaron Roi B. Riturban and Franco Aristotle G. Larcina to the partnership.

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Limay Project Recognized as Best Power Deal in the Asia Pacific Region

January 2017. Press Releases by SyCip Salazar Hernandez & Gatmaitan (view listing).

The Limay, Bataan power project was recognized by IJGlobal as the “Best Power Deal in the Asia Pacific Region”. SyCipLaw acted as local counsel to DBS Bank Ltd., Mizuho Bank, Ltd. and Standard Chartered Bank, the structuring banks in the US$400 million Project Financing of a new 300MW coal-fired power plant in Limay, Bataan of SMC Consolidated Power Corp. Read more information on this transaction.

The IJGlobal Awards celebrates the outstanding transactions and institutions in infrastructure finance. The Asia-Pacific dinner was held on March 3, 2016 in Singapore. Visit the IJGlobal Awards website for more information and the full list of winners

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SyCipLaw Shortlisted for the Asialaw Asia-Pacific Dispute Resolution Awards 2016

January 2017. Press Releases by SyCip Salazar Hernandez & Gatmaitan (view listing).

SyCipLaw has been shortlisted for the Asialaw Asia-Pacific Dispute Resolution Awards 2016 in three categories. The firm was nominated as National Law Firm of the Year and Best Domestic Arbitration Firm of the Year. SyCipLaw partner Emmanuel M. Lombos was nominated as Disputes Star of the Year.

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Asialaw Leading Lawyers 2016

January 2017. Press Releases by SyCip Salazar Hernandez & Gatmaitan (view listing).

Asialaw has released its 2016 edition of the Asialaw Leading Lawyers.

The publication lists the leading practitioners in 18 practice areas in 24 jurisdictions in the Asia-Pacific region. In-house counsel, corporate executives and lawyers at local, regional and international law firms participated in an online survey between December 2015 and February 2016. Respondents nominated individual lawyers who excelled in one or more of 18 practice areas based on their work and reputation.  

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SyCipLaw Advises Borrowers in Pagbilao LNG Power Plant and Hub Terminal Project

January 2017. Press Releases by SyCip Salazar Hernandez & Gatmaitan (view listing).

SyCipLaw is acting as borrower’s counsel for Energy World Corporation in the P6.75 billion financing package to partially fund the development of the first phase of the proposed 650-megawatt liquefied natural gas combined cycle power plant in Pagbilao, Quezon Province.

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ALB M&A Rankings 2016

January 2017. Press Releases by SyCip Salazar Hernandez & Gatmaitan (view listing).

SyCipLaw is ranked once again as a tier 1 firm for M&A in the Philippines by Asian Legal Business (ALB). The full results of ALB's M&A Rankings 2016 was published in its September 2016 issue.

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PRAC 60th International Conference in Manila

January 2017. Press Releases by SyCip Salazar Hernandez & Gatmaitan (view listing).

SyCip Salazar Hernandez & Gatmaitan is hosting the Pacific Rim Advisory Council (PRAC) 60th International Conference in Manila on September 24-27, 2016 at the Fairmont Hotel in Makati City.

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SyCipLaw Advises Borrowers in Tiwi-MakBan Geothermal Plants Project

January 2017. Press Releases by SyCip Salazar Hernandez & Gatmaitan (view listing).

SyCipLaw acted as borrower's counsel for AP Renewables, Incorporated (APRI), a unit of Philippine energy company Aboitiz Power, in the issuance of a landmark climate bond worth P10.7 billion ($225 million) for the Tiwi-MakBan geothermal power facilities.

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SyCipLaw Shortlisted in 11 ALB Philippine Law Awards 2016 Categories

January 2017. Press Releases by SyCip Salazar Hernandez & Gatmaitan (view listing).

SyCipLaw has been shortlisted in eleven categories of the ALB Philippine Law Awards:

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SyCipLaw Partner Wins Asialaw Asia-Pacific Dispute Star of the Year

January 2017. Press Releases by SyCip Salazar Hernandez & Gatmaitan (view listing).

SyCipLaw partner Emmanuel M. Lombos wins Dispute Star of the Year for the Philippine jurisdiction at the Asia-Pacific Dispute Resolution Awards 2016.

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SyCipLaw advises Metro Pacific Tollways Development Corporation and Manila North Tollways Corp.

January 2017. Press Releases by SyCip Salazar Hernandez & Gatmaitan (view listing).

SyCipLaw acted as counsel to Metro Pacific Tollways Development Corporation (MPTDC) in relation to its unsolicited proposal for the design, development, financing, construction, operations and maintenance of the NLEX-SLEX Connector Road.

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ALB Philippine Law Awards 2016

January 2017. Press Releases by SyCip Salazar Hernandez & Gatmaitan (view listing).

SyCipLaw won the Philippine Law Firm of the Year award at the first ALB Philippine Law Awards. The firm was also named Arbitration Law Firm of the Year and Banking and Financial Services Law Firm of the Year.

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Hector M. de Leon, Jr. is new SyCipLaw Managing Partner

January 2017. Press Releases by SyCip Salazar Hernandez & Gatmaitan (view listing).

SyCip Salazar Hernandez & Gatmaitan (SyCipLaw) is pleased to announce that Hector M. de Leon, Jr. has been elected as the firm’s managing partner. Mr. de Leon joined SyCipLaw in 1988 and has been a member of the firm’s Executive Committee since 2014.

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IFLR1000 2017 Financial and Corporate Rankings

January 2017. Press Releases by SyCip Salazar Hernandez & Gatmaitan (view listing).

Congratulations to SyCip Salazar Hernandez & Gatmaitan practice groups and partners ranked in the recently released IFLR1000 2017 Financial and Corporate rankings!

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ALB: “SyCip Sweeps First-Ever ALB Philippine Law Awards”

January 2017. Press Releases by SyCip Salazar Hernandez & Gatmaitan (view listing).

The December 2016 issue of the Asian Legal Business (ALB) includes an article entitled “SyCip Sweeps First-Ever ALB Philippine Law Awards”. The article, located on page 30 of the issue, discussed SyCipLaw’s received awards during the event, including Philippine Law Firm of the Year, Arbitration Law Firm of the Year, and Banking and Financial Services Law Firm of the Year.

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Announcement of New SyCipLaw Corporate Services Head

January 2015. Press Releases by SyCip Salazar Hernandez & Gatmaitan (view listing).

SyCip Salazar Hernandez & Gatmaitan (SyCipLaw) is pleased to announce the appointment of Simeon Ken R. Ferrer as the new head of the firm's Corporate Services Department. His four-year term began on December 1, 2014, after the retirement of Emmanuel C. Paras who continues to serve the firm as Of Counsel.

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RH Law Battle Far From Over: A Discussion on the Salient Provisions of the Law’s IRR

September 2013. Press Releases by SyCip Salazar Hernandez & Gatmaitan (view listing).

Contributed by Imelda A. Manguiat
The article summarizes the Reproductive Health Law's Implementing Rules and Regulations including Youth Access to Reproductive Services, Improved Access to Family Planning Services, Wide Information Campaign on RH Rights and Services, and Maternal Death Review and Fetal and Infant Death Review.

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SyCipLaw wins 2nd Chambers Asia-Pacific Philippine Law Firm of the Year

November 2012. Press Releases by SyCip Salazar Hernandez & Gatmaitan (view listing).

SyCip Salazar Hernandez & Gatmaitan (SyCipLaw) won its 2nd Philippine Law Firm of the Year award at the Chambers Asia-Pacific Awards 2012 last February 28 in New Delhi, India. The firm bested five other Philippine law firms to win the award.

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Changes to the SyCipLaw Subic Office

November 2012. Press Releases by SyCip Salazar Hernandez & Gatmaitan (view listing).

SyCip Salazar Hernandez & Gatmaitan (SyCipLaw) is pleased to announce that Jose F. Justiniano has been designated as the partner-in-charge of its Subic Bay Freeport Zone branch office. He will be assisted by resident associate Rosevee R. Paylip-Guiang

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SyCipLaw selected as Who’s Who Legal leading law firm in the Philippines for 7th time

November 2012. Press Releases by SyCip Salazar Hernandez & Gatmaitan (view listing).

Who’s Who Legal has once again selected SyCip Salazar Hernandez & Gatmaitan (SyCipLaw) as the leading firm in the Philippines in its annual awards. The firm was named Philippines Law Firm of the Year 2012, the seventh consecutive occasion that it has gained this recognition.

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SyCipLaw: Announcement of New Litigation Department Head

November 2012. Press Releases by SyCip Salazar Hernandez & Gatmaitan (view listing).

SyCip Salazar Hernandez & Gatmaitan (SyCipLaw) is pleased to announce the appointment of Ricardo Ma. P.G. Ongkiko as the new head of the firm’s Litigation Department. Mr. Ongkiko replaces Nelson T. Antolin, who retired from the partnership in May 2012. Mr. Antolin continues to assist the firm as Of Counsel.

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SBFCC welcomes SyCipLaw

November 2012. Press Releases by SyCip Salazar Hernandez & Gatmaitan (view listing).

The Subic Bay Freeport Chamber of Commerce (SBFCC) welcomed SyCip Salazar Hernandez & Gatmaitan (SyCipLaw) into its roster last July 24, 2012. SyCipLaw, one of the founding members of the Chamber, rejoins after a four-year hiatus.

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SyCipLaw advises CGA Mining on Merger with B2Gold

November 2012. Press Releases by SyCip Salazar Hernandez & Gatmaitan (view listing).

SyCip Salazar Hernandez & Gatmaitan ("SyCipLaw") acted as Philippine counsel to CGA Mining Limited (TSX: CGA, ASX: CGX) ("CGA"), which recently signed a definitive Merger Implementation Agreement with B2Gold Corp. (TSX: BTO, NSX: B2G, OTCQX: BGLPF) ("B2Gold").

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SyCipLaw: Announcement of New Intellectual Property Department Head

November 2012. Press Releases by SyCip Salazar Hernandez & Gatmaitan (view listing).

SyCip Salazar Hernandez & Gatmaitan (SyCipLaw) is pleased to announce the appointment of Enrique T. Manuel as the new head of its Intellectual Property (IP) Department. Mr. Manuel replaces Vicente B. Amador, who continues to serve as a member of SyCipLaw’s Executive Committee.

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SyCipLaw advises Red 5 Limited and Greenstone Resources Corporation on US$8 million secured facility

November 2012. Press Releases by SyCip Salazar Hernandez & Gatmaitan (view listing).

SyCip Salazar Hernandez & Gatmaitan ("SyCipLaw") acted as Philippine counsel to Red 5 Limited (ASX: RED) and Greenstone Resources Corporation in connection with an US$8 million senior secured facility obtained from Sprott Resource Lending Partnership.

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SyCipLaw advises US Eximbank on 1st B777 aircraft to the Philippines

November 2012. Press Releases by SyCip Salazar Hernandez & Gatmaitan (view listing).

SyCip Salazar Hernandez & Gatmaitan (SyCipLaw) acted as Philippine counsel to Export-Import Bank of the United States (US Eximbank) on the financing for the acquisition by flag carrier Philippine Airlines (PAL) of a brand new B777-300ER. 

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SyCipLaw advises HSBC on San Miguel Corp.’s PhP 80 Billion Series 2 Preferred Shares

November 2012. Press Releases by SyCip Salazar Hernandez & Gatmaitan (view listing).

SyCip Salazar Hernandez & Gatmaitan (SyCipLaw) advised The Hongkong and Shanghai Banking Corporation Limited (HSBC), sole issue manager to San Miguel Corporation (SMC), on the issuance and listing of SMC’s Series “2” preferred shares. With an aggregate issue price of PhP 80.06 billion, the issue is the largest capital market transaction to date in the country.

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Who’s Who Legal recommends SyCipLaw Partners for Public Procurement

November 2012. Press Releases by SyCip Salazar Hernandez & Gatmaitan (view listing).

Who’s Who Legal recommends Andres B. Sta. Maria Jr. and Marievic G. Ramos-Añonuevo, partners in SyCip Salazar Hernandez & Gatmaitan (SyCipLaw), in The International Who’s Who of Public Procurement Lawyers 2012.

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SyCipLaw bags 2012 ALB Philippine Deal Firm of the Year

November 2012. Press Releases by SyCip Salazar Hernandez & Gatmaitan (view listing).

Top-tier Philippine law firm SyCip Salazar Hernandez & Gatmaitan (SyCipLaw) was adjudged as the Philippine Deal Firm of the Year at the Marina Bay Financial Centre ALB Southeast Asia Law Awards 2012, alongside Romulo Mabanta Buenaventura Sayoc & De Los Angeles.

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SyCipLaw: Announcement of New Partners

November 2012. Press Releases by SyCip Salazar Hernandez & Gatmaitan (view listing).

SyCip Salazar Hernandez & Gatmaitan (SyCipLaw) announced the admission of Benedicto P. Panigbatan and Franco Noel A. Manaig to the partnership earlier this year.

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SyCipLaw receives 11th IFLR National Law Firm of the Year

November 2012. Press Releases by SyCip Salazar Hernandez & Gatmaitan (view listing).

SyCip Salazar Hernandez & Gatmaitan (SyCipLaw) has been awarded “National Law Firm of the Year” for the Philippines at the International Financial Law Review Asia Awards in Hong Kong last February 23, 2012.

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SyCipLaw: Announcement of New Partners

May 2012. Press Releases by SyCip Salazar Hernandez & Gatmaitan (view listing).

SyCip Salazar Hernandez & Gatmaitan (SyCipLaw) is pleased to announce the admission of Benedicto P. Panigbatan and Franco Noel A. Manaig to the partnership.

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SyCipLaw receives Law Firm of the Year Award

March 2012. Press Releases by SyCip Salazar Hernandez & Gatmaitan (view listing).

SyCip Salazar Hernandez & Gatmaitan (SyCipLaw) has been awarded “National Law Firm of the Year” for the Philippines at the International Financial Law Review Asia Awards in Hong Kong last February 23, 2012.

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Rafael A. Morales is new SyCipLaw Managing Partner

October 2010. Press Releases by SyCip Salazar Hernandez & Gatmaitan (view listing).

Rafael A. Morales was recently chosen as the new Managing Partner of SyCip Salazar Hernandez & Gatmaitan, succeeding Llewellyn L. Llanillo who retired as a partner of the firm in August, 2009. Rafy joined SyCipLaw in 1975, and until his election as the new Managing Partner was the head of the firm’s Banking, Finance and Securities practice group. 

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Philippine Deal Firm of the Year

June 2010. Press Releases by SyCip Salazar Hernandez & Gatmaitan (view listing).

SyCip Salazar Hernandez & Gatmaitan was adjudged as the Philippine Deal Firm of the Year at the ALB SE Asia Law Awards 2010 held at the Ritz Carlton Millenia Singapore on June 4, 2010. The award was received by Rafael A. Morales, the Firm's Managing Partner.

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Legal Developments by:
SyCip Salazar Hernandez & Gatmaitan

  • IBA Taxes Committee: “Developments in Philippine Tax Laws and Regulations”

    The International Bar Association’s (IBA) Taxes Committee published its annual update on tax developments by jurisdiction for 2017. The 2017 update includes a Philippine report by SyCipLaw partner Hiyasmin H. Lapitan entitled “Developments in Philippine Tax Laws and Regulations”. The Philippine report summarizes recent updates related to tax treaty relief, passed-on gross receipts tax, alternative modes of paying taxes, reduction of real property tax on independent power producers, and case law, as well as upcoming tax reform developments.
    - SyCip Salazar Hernandez & Gatmaitan

Legal Developments in Philippines

Legal Developments and updates from the leading lawyers in each jurisdiction. To contribute, send an email request to
  • IBA Taxes Committee: “Developments in Philippine Tax Laws and Regulations”

    The International Bar Association’s (IBA) Taxes Committee published its annual update on tax developments by jurisdiction for 2017. The 2017 update includes a Philippine report by SyCipLaw partner Hiyasmin H. Lapitan entitled “Developments in Philippine Tax Laws and Regulations”. The Philippine report summarizes recent updates related to tax treaty relief, passed-on gross receipts tax, alternative modes of paying taxes, reduction of real property tax on independent power producers, and case law, as well as upcoming tax reform developments.
  • ALB: “Enforcement Update: Philippine Competition Act”

    The August 2017 issue of the Asian Legal Business (ALB)  includes a Philippine regional update by SyCipLaw partner  Arlene M. Maneja entitled, “Enforcement Update: Philippine Competition Act”. The article summarizes the administrative, civil and criminal penalties that apply to companies that have yet to comply with the Philippine Competition Act (PCA). The transitional clause of the PCA to enable parties to renegotiate agreements or restructure their businesses to comply with the law expired on August 7, 2017.
  • CPO: “Philippines: To Be or Not To Be a Data Protection Officer (DPO)”

    Chief Privacy Officer (CPO) Magazine, an online publication owned by Data Privacy Asia, featured an article by SyCipLaw partner Rose Marie M. King-Dominguez . Entitled “Philippines: To Be or Not To Be a Data Protection Officer (DPO) ”, the article discusses the qualifications and responsibilities of a DPO as outlined in the Philippine Data Privacy Act of 2012. It also outlines difficulties companies may experience in the appointment of a DPO.
  • ALB: “Guidelines on Related Party Transactions for Insurers in the Philippines”

    The July 2017 issue of the Asian Legal Business (ALB) includes a Philippine regional update by SyCipLaw partner Hiyasmin H. Lapitan and associate Jo Margarette W. Remollo entitled, “Guidelines on Related Party Transactions for Insurers in the Philippines ”. The article summarizes the Insurance Commission’s compliance guidelines on related party transactions, as set out in Insurance Circular Letter No. 2017-29. The Circular covers insurers, reinsurers, branch offices of foreign insurers, mutual benefit associations, pre-need companies, and health maintenance organizations and their intermediaries.
  • Philippines Chapter in The Tax Disputes and Litigation Review - Edition 5

    The Philippines section of The Tax Disputes and Litigation Review - Edition 5 contains information on commencing disputes, including national and local taxes; courts and tribunals; penalties and remedies; tax claims, including recovering overpaid taxes, challenging administrative decisions, and claimants; costs; alternative dispute resolution; anti-avoidance; double taxation treaties; areas of focus; and outlook and conclusions. The section was contributed by SyCipLaw partner  Carina C. Laforteza  with support from associate  Mark Xavier D. Oyales .
  • IFLR: “Philippines: Acquiring insurance brokers”

    The April issue of the International Financial Law Review (IFLR) includes an international briefing article by SyCipLaw partner  Hiyasmin H. Lapitan  entitled “Philippines: Acquiring insurance brokers”. The article discusses the new requirement by the Philippine Insurance Commission (IC) for advance approval to acquire a stake in a Philippine corporation that is licensed as an insurance broker or reinsurance broker. This requirement is noted in the IC’s circular letter number 2017-09 dated February 14, 2017, which prescribes guidelines on the documentation requirements for acquiring a domestic insurance or reinsurance broker.
  • SyCipLaw Tax Bulletin: Philippine BIR Rules on Proper Tax Treatment of Passed-on Gross Receipts Tax

    On June 13, 2016, the then Commissioner of Internal Revenue issued Revenue Memorandum Circular No. 62-2016 purporting to clarify the proper tax treatment of percentage tax or gross receipts tax (GRT) due on transactions covered by Sections 1211 and 1222 of the Tax Code which are shifted through contractual stipulations to borrowers/customers/clients (“passed-on” GRT). Banks, non-bank financial intermediaries performing quasi-banking functions are subject to GRT under Section 121 while financing companies and other financial intermediaries not performing quasi-banking functions are subject to GRT under Section 122. The effectivity of this circular was suspended on July 1, 2016 by the new Commissioner of Internal Revenue. However, on November 15, 2016, the suspension was lifted by RMC No. 127-2016 rendering RMC No. 62-2016 effective immediately.
  • Philippine Court of Appeals Denies Issuance of Environmental Protection Order Against Mining Company

    In a decision issued on March 8, 2017, the Philippine Court of Appeals (CA) denied the petition by NGO Ang Aroroy ay Alagaan, Inc. and certain individuals, for the issuance of a writ of kalikasan against Filminera Resources Corporation, and its directors and officers. The petitioners have claimed that Filminera, which operates in the Philippine province of Masbate, had been causing environmental damage in the conduct of its mining operations in violation of local law, and that a writ of kalikasan should be issued.
  • SyCipLaw TMT Bulletin: Philippine Central Bank Issues New FinTech Rules

    The Bangko Sentral ng Pilipinas (BSP) (the Philippine Central Bank) has issued two new circulars that will be of interest to companies engaged in remittance services, e-money, digital currency, and other fintech businesses. Both circulars amend portions of the BSP Manual of Regulations for Non-Bank Financial Institutions.
  • IFLR: “Philippines: Foreign equity ownership decision”

    The March issue of the International Financial Law Review ( IFLR ) includes an international briefing article by SyCipLaw partner  Jose Florante M. Pamfilo  entitled “Philippines: Foreign equity ownership decision”. The article discusses the Philippine Supreme Court decision on the case of Roy v. Herbosa (GR no. 207246) to invalidate the Securities and Exchange Commission (SEC) Memorandum Circular no. 8-2013 (MC 8-2013) on the guidelines on compliance with the Filipino-foreign ownership requirements prescribed in the Philippine Constitution and/or existing laws by corporations engaged in nationalized and partly nationalized activities.