Capital markets in Philippines

Angara Abello Concepcion Regala & Cruz Law Offices (ACCRALaw)

At Angara Abello Concepcion Regala & Cruz Law Offices (ACCRALaw), the corporate and special projects group, which is overseen by the vastly experienced Judy Hao, regularly represents issuers and underwriters on equity and debt capital raising transactions, including initial public offerings, bond offerings, stock rights offering, backdoor listings, private placements. In addition, the department also excels in securities-related matters concerning Real Estate Investment Trusts and dollar-denominated deals. Also highly adept in securities and capital markets mandates are former president of the Philippine Stock Exchange Francisco Ed Lim and Everlene Lee.

Practice head(s):

Judy Hao

Other key lawyers:

Francisco Ed Lim ; Everlene Lee

Key clients


Ayala Land, Inc.


Morgan Stanley

BDO Capital & Investment Corporation

Bank of the Philippine Islands

BPI Capital Corporation

Standard Chartered Bank

Abacus Capital and Investment Corporation

Cirtek Holdings Philippines Corporation

China Bank Capital Corporation

First Metro Investment Corporation

RCBC Capital Corporation

Now Corporation

Martinez Vergara Gonzalez & Serrano

Equally proficient in the debt and equity markets, Martinez Vergara Gonzalez & Serrano frequently handles headline capital market deals, most notably for many of the largest Philippino banks. Manuel Gonzalez  leads the ‘very collaborative and very responsive’ team, which has primarily earned its reputation from handling initial public offerings, follow-on and rights offers, tender offers, reverse takeovers of publicly listed firms and issuances of global depositary receipts. On the debt front, it also acts as local counsel to domestic and international financial institutions and issuers in issuances of corporate notes, bonds and debt securities. Other key names include Elmer Serrano , Janice Co  and Gwyneth Ong .

Practice head(s):

Manuel Gonzalez 


The team is very collaborative and very responsive to the client’s needs.’

Key clients

BDO Unibank, Inc.

SM Investments Corporation

BDO Capital & Investment Corporation

Chinabank Capital Corporation

Sta. Lucia Land Inc.

SM Development Corporation

Solar Power Tarlac Corporation

SB Capital Investment Corporation

DoubleDragon Properties Corp.

DDPC Worldwide Pte. Ltd.

Basic Energy Corporation

Citicore Renewable Energy Corporation

MAP 2000 Development Corporation

Steniel Manufacturing Corporation

MerryMart Consumer Corp.


Suncity Group Holdings Limited

Security Bank Corporation

KEB Hana Manila Branch

Shinhan Bank Manila Branch

LDA Capital Limited

LDA Capital LLC

Bank of Commerce

Work highlights

  • Advised DDMP REITon its initial public offer of 5,942,488,469 common shares, with an over-allotment option of up to 594,248,847 common shares of DDMP.
  • Advised MerryMart Consumer Corp on its Initial Public Offering of up to 1,594,936,709 primary common shares at an offer price of PHP1.00 per share.
  • Advised BDO Unibank, Inc. on the upsize of its Bond Program to PHP365bn.

Quisumbing Torres

The capital markets practice at Quisumbing Torres represents issuers, investment banks and selling shareholders in the full spectrum of equity and debt transactions, with particular expertise in debt issuances, regulatory matters and multi-jurisdictional acquisitions and divestitures involving public companies. Practice head Alain Charles Veloso is the standout name in this area. 

Practice head(s):

Alain Charles Veloso

Key clients

Alphabet (Google Inc.)

Allianz PNB

PruLife Insurance Corporation of U.K. (PLUK)

Prudential Corporation Asia (Prudential Asia)

Work highlights

  • Advised an American timeshare company on their offering of timeshare products in the Philippines.
  • Advised a Taiwanese conglomerate engaged in polyester and textile industry on the procedure, requirements, and tax implications for the restructuring of its debts and mortgage arrangements in the Philippines.
  • Advised a subsidiary of one of the four biggest state-owned commercial banks in China on securities documentation and Phillipines law issues.

SyCip Salazar Hernandez & Gatmaitan

Well-versed in capital markets‘, SyCip Salazar Hernandez & Gatmaitan‘s banking, finance and securities group, fronted by Vicente Gerochi , acts for a range of foreign and domestic banks, financial institutions and issuers of securities, with a particular emphasis on the aviation, food and beverage, real estate and port operations sectors. Its workload spans the full gamut of equity and debt issuances, as well as registration issues and securities listings. Marievic Ramos-Añonuevo  is a regular advisor to local and international financial institutions. Additional names to note are counsel Simeon Ken Ferrer , who retired from the partnership June 2021, and Aaron Roi Riturban .

Practice head(s):

Vicente Gerochi


The team is well-versed in capital markets, and they are able to provide proper legal advice on the relevant matters. They also represent us well in negotiations, and are able to identify the key issues for our consideration.’

As a client, it is important for us to be able to communicate well with our counsels, and this is what the individual partners or associates of SyCip provide us. They are responsive in terms of the quality of the advise and the timeliness of the replies.’

The team was very responsive and made sure all legal items were covered.’

Key clients

BDO Unibank, Inc./BDO Capital & Investment Corporation

Philippine National Bank/PNB Capital & Investment Corporation

Bank of the Philippine Islands/BPI Capital Corporation

Standard Chartered Bank

Australia and New Zealand Banking Group Limited




Mizuho Bank

Deutsche Bank

San Miguel Corporation

National Grid Corporation of the Philippines

Work highlights

  • Advised BPI Capital Corporation and The Hongkong and Shanghai Banking Corporation Limited on the issuance and offer by Bank of the Philippine Islands of PHP21.5bn BPI COVID Action Response Bonds.
  • Advised BDO Capital & Investment Corporation, China Bank Capital Corporation, RCBC Capital Corporation, and First Metro Investment Corporation on the maiden offer and issuance by Del Monte Philippines, Inc.
  • Advised Merrill Lynch, DBS Bank Ltd., Standard Chartered Bank, and DB TrusteesLimited on the issuance by San Miguel Corporation  of $5bn senior perpetual capital securities under its $3bn Medium Term Note and Securities Programme.

Villaraza & Angangco (V&A Law)

Integrated into the firm’s corporate group, Villaraza & Angangco (V&A Law)‘s capital markets offering is underpinned by a focus on assisting clients with regulatory compliance with the Philippine Stock Exchange and the Securities and Exchange Commission. In addition, Franchette Acosta has extensive experience acting as legal counsel for underwriters in local listings and for companies or sponsors for listings in the Hong Kong and Singapore stock exchanges. Other names to note are Sylvette Tankiang and Paul Rodulfo Imperial .

Other key lawyers:

Paul Rodulfo Imperial

Key clients

Swiss Reinsurance Company Ltd.

Swiss Re International S.E.

Swiss Re. Corporate Solutions Ltd.

Swiss Re Asia Pte. Ltd.

Fountel (Medical City)

Work highlights

  • Advised Swiss Reinsurance Company Ltd., Swiss Re International S.E., Swiss Re. Corporate Solutions Ltd., and Swiss Re Asia Pte. Ltd on reinsurance regulations in the Philippines as well as compliance with the Data Privacy Act.
  • Advised Fountel Corp and Felicitas Antoinette, Inc on the protection of investments in Professional Services Inc. as key shareholders.

Gatmaytan Yap Patacsil Gutierrez & Protacio (C&G Law)

Steered by Norma Margarita B. Patacsil , the corporate group at Gatmaytan Yap Patacsil Gutierrez & Protacio (C&G Law) has a proven track record in the capital markets space. Patacsil is particularly active in follow-up offerings, IPOs, private placements, among other capital building exercises.

Key clients

SN Aboitiz Power – Benguet, Inc.

Lendable SPC/Lendable Asset Management LLC

Work highlights

  • Advised SN Aboitiz Power – Benguet, Inc. on a PHP18bn notes facility.
  • Advised Lendable SPC and Lendable Asset Management LLC on a $15m term loan facility for Uploan Asia, the proceeds of which would be used to finance payroll loans originated and owned by its subsidiary.

Puyat Jacinto & Santos Law Offices

Under the joint leadership of Pearl Grace Cabali and Ramil Bugayong, Puyat Jacinto & Santos Law Offices has experience in advising clients on a wide range of capital markets matters.

Quiason Makalintal Barot Torres Ibarra Sison & Damaso

Quiason Makalintal Barot Torres Ibarra Sison & Damaso has a record of handling equity and debt capital markets deals in the Philippines, particularly in bond transactions. Enrique Quiason  and Ruel Soriano head up the department, which also includes Eileen Pangalangan-Pardo

Practice head(s):

Enrique Quiason ; Ruel Soriano

Other key lawyers:

Eileen Pangalangan-Pardo 


We value the team’s experience and knowledge of the capital market transactions, experience in securing the required regulatory approvals, and ability to negotiate the best terms for our company.’

They are professionally competent, excellent in communications and negotiations, and turn around documents efficiently. They also work with integrity and authenticity. We especially commend Ruel Soriano from their team.’

Key clients

Energy Development Corporation

2 Manila Electric Company

3 First Gen Corporation

Romulo Mabanta Buenaventura Sayoc & De Los Angeles

Romulo Mabanta Buenaventura Sayoc & De Los Angeles advises clients on IPOs, capital markets transactions, and securities offerings, as well as handling regulatory issues. Ma. Stella Batungbacal is a key name for securities work, as is Anna Cristina Collantes-Garcia .

Practice head(s):

Ma. Stella Batungbacal

Other key lawyers:

Anna Cristina Collantes-Garcia