Hall Of Fame

Firms To Watch: Capital markets

Under the direction of Maria Elizabeth Peralta-Loriega, the team at Sarmiento Loriega Law Firm is experienced in advising on the issuance, registration and listing of various types of securities.
The team at Subido Pagente Certeza Mendoza & Binay (SPCMB Law Offices) is co-led by Martin Subido and Princesita Pasana-Turgano. It is well-placed to advise issuers and private equity investors on all types of public and private transactions on the domestic and international equity and debt capital markets.

Capital markets in Philippines

Martinez Vergara & Gonzalez Sociedad

Manuel Gonzalez heads the practice at Martinez Vergara & Gonzalez Sociedad, which has particular strength in equity capital markets. The team has handled a wide spectrum of securities-related issues ranging from IPOs, follow-on and rights offers, to tender offers and the delisting of companies. It is also well placed to advise on reverse takeovers of publicly listed firms, and on the issue of global depositary receipts. In addition, the group is highly regarded for its expertise in debt capital markets, where it acts as counsel to domestic financial institutions and issuers on the issue of corporate notes, bonds and other debt instruments. Another core area of focus for the practice is advising on real estate investment trusts (REITs). Gwyneth Ong is highly sought after for her advice on the various commercial and regulatory requirements of the Securities and Exchange Commission, the Philippine Stock Exchange and the Philippine Economic Zone Authorities. Janice Co and Mark Vergara are further notable key members of the team.

Practice head(s):

Manuel Gonzalez

Other key lawyers:

Mark Vergara; Gwyneth Ong; Janice Co


‘In-depth and updated mastery of the capital markets.’

‘Excellent and extensive deep experience with IPOs, publicly listed issuances of Perpetual Preferred Shares, REITs, and other SEC registered securities. Undertakes close coordination with SEC matters, such as registration of IPOs and other compliance matters.’

‘Manuel Gonzalez is an excellent partner who is a straight talker and has good relationship skills with regulators and clients.’

Key clients

Citicore Energy REIT Corp.

Alternergy Holdings Corporation

Sta. Lucia Land, Inc.

Century Pacific Group, Inc.

Bank of Commerce

Steniel Manufacturing Corporation

First Metro Investment Corporation

North Star Meat Merchants Inc.

ISOC Cold Chain Logistics, Inc.

Work highlights

  • Acted as counsel for Citicore Energy REIT Corp. (CREIT) in its ASEAN Green Bonds offering in the principal amount of PHP3bn with an oversubscription option of up to PHP1.5bn.
  • Represented Alternergy Holdings Corporation (AHC) in its PHP1.6bn initial public offering.
  • Represented Century Pacific Group Inc. (CPGI) in connection with the offer and sale of 114,000,000 common shares of Century Pacific Food, Inc. by CPGI pursuant to the Secondary Block Trade Agreement between UBS AG, Singapore Branch and CPGI.

Quisumbing Torres

Quisumbing Torres represents issuers, investment banks, and selling shareholders in a broad range of equity and debt transactions (on a public or private placement basis) and is skilled at handling matters such as debt issuances and programmes. Multi-jurisdictional acquisitions and divestitures involving public companies are another key area of strength for the practice. Under the joint leadership of Maria Christina Macasaet-Acaban and Alain Charles Veloso, the team regularly advises on securities registration and exemption from securities registration requirements, stock exchange compliance, corporate governance, and other issues relating to securities business licensing. Ramon Miguel Bacani and Dennis Quintero are also notable members of the team, with the latter having particular expertise in fintech matters.

Practice head(s):

Maria Christina Macasaet-Acaban; Alain Charles Veloso

Other key lawyers:

Ramon Miguel Bacani; Dennis Quintero

Work highlights

  • Advising a Taiwanese conglomerate engaged in the polyester and textile industry in connection with the procedure, requirements, and tax implications for the restructuring of its debts and mortgage arrangements in the Philippines.
  • Assisting a global graphic design platform on the exemption from registration requirements of additional securities of issuer to be offered to its subsidiary’s employees in the Philippines.
  • Advising an institutional investor that manages several pension plans and insurance programs in Quebec in connection with the buy-back of its shares.

SyCip Salazar Hernandez & Gatmaitan

Philbert Varona spearheads the practice at SyCip Salazar Hernandez & Gatmaitan, which is praised for its skill at handling a broad range of complicated deals. The team often acts for international and domestic banks and other financial institutions, as well as for the issuers of securities, and has been involved in some key capital market transactions that span various sectors such as food, beverage and real estate. In addition, the team receives a steady stream of instructions from some major international law firms. Other recommended partners include Mark Xavier Oyales, Joan Mae To-Conejos as well as Vicente Gerochi IV.

Practice head(s):

Philbert Varona

Other key lawyers:

Vicente Gerochi IV; Mark Xavier Oyales; Joan Mae To-Conejos

Key clients

AC Energy, Inc.

Arthaland Corporation

Asia United Bank Corporation

Asian Development Bank

Australia and New Zealand Banking Group Limited

Bank of America

Bank of Commerce

Bank of Singapore

Bank of the Philippine Islands

BDO Unibank, Inc.

Capital International Private Equity Fund


Credit Suisse

Del Monte Philippines, Inc.

Deutsche Bank

Frontier Tower Associates Philippines Inc.

GIV Capital Holdings Corp.

Hanwha Global Asset Corp.

JP Morgan Chase

The Hongkong and Shanghai Banking Corporation Limited

Kingfisher Mobile Limited

Light Rail Manila Corporation

Markham Resources Corporation

Merrill Lynch (Singapore) Pte. Ltd.

Mizuho Bank, Ltd.


National Grid Corporation of the Philippines

PH Global Jet Express, Inc.

Philippine National Bank

Rizal Commercial Banking Corporation

Robinsons Bank Corporation

San Miguel Corporation

Security Bank Corporation

Science Park of the Philippines, Inc.

South Luzon Thermal Energy Corporation

Standard Chartered Bank

Sumitomo Mitsui Banking Corporation


Union Bank of the Philippines

Work highlights

  • Acted as counsel to ING Bank, N.V. and Philippine Commercial Capital, Inc. in their capacities as Joint Arrangers and Joint Bookrunners of (a) the establishment by Bank of Commerce (“BankCom”) of a Bond Programme for the offering and issuance of Bonds in one or several tranches to retail and institutional investors in the Philippines with an aggregate principal amount not exceeding PHP20bn and (b) the issuance by BankCom of Series A Bonds with an aggregate principal amount of PHP7.5bn due in 2024.
  • Acted as counsel to PNB Capital and Investment Corporation and SB Capital Investment Corporation in their capacity as Joint Issue Managers, Joint Lead Underwriters and Joint Bookrunners, for the offer in the Philippines by Citicore Energy REIT Corp. of Philippine Peso-denominated fixed rate ASEAN green bonds in the aggregate principal amount PHP3bn with an oversubscription option of up to PHP1.5bn due 2028.
  • Acted as counsel for BPI in its PHP20.3bn issuance of BPI RISE (Reinforcing Inclusive Support for MSMEs), with an ASEAN social bond label. The proceeds will be used to finance or refinance the business requirements of eligible MSMEs in line with BPI’s Sustainable Funding Framework.

Villaraza & Angangco (V&A Law)

Villaraza & Angangco (V&A Law) advises on cross-border agreements for the financing of energy, telecoms and infrastructure projects, in addition to providing transactional advice on raising capital through debt, equity and other forms of securities. The team is collectively led by Raoul Angangco, Sylvette Tankiang and Franchette Acosta.

Practice head(s):

Raoul Angangco; Sylvette Tankiang; Franchette Acosta

Key clients

Swiss Reinsurance Company Ltd., Swiss Re International S.E., Swiss Re. Corporate Solutions Ltd., and Swiss Re Asia Pte. Ltd.

China Telecommunications Corporation

Tyndall Capital Sdn Bhd

PT Venteny Fortuna International

DITO Telecommunity Corporation

Work highlights

  • Advised Swiss Reinsurance Company Ltd., Swiss Re International S.E., Swiss Re. Corporate Solutions Ltd., and Swiss Re Asia Pte. Ltd. regarding the overview of reinsurance regulations in the Philippines, as well as compliance with the Data Privacy Act.
  • Acting for China Telecommunications Corporation (“CTC”) in managing its investments in Dito Telecommunity Corporation (“DITO”) and in complying with its funding and other obligations therein, including advising CTC in the restructuring of the equity of DITO as provided in the agreement with consortium parties.

Gorriceta Africa Cauton & Saavedra

Gorriceta Africa Cauton & Saavedra fields a team which continues to be busy advising on various securities transactions, while frequently acting on IPOs, follow-on and top-up offerings, as well as private placements. In addition, the firm is well-equipped to advise on tender offers and other matters such as the reverse take-overs of publicly listed companies. Managing partner Mark Gorriceta is a prominent member of the department, alongside Kristine Torres and Micaela Galvez.

Practice head(s):

Mark Gorriceta; Kristine Torres; Micaela Galvez

Puyat Jacinto & Santos Law Offices

With Virginia Viray, Rachelle DiazShirley Velasquez-Viray and Elaine Marie Laceda at the helm at Puyat Jacinto & Santos Law Offices, the group is adept at working on a wide range of capital markets matters.

Practice head(s):

Virginia Viray; Rachelle Diaz; Shirley Velasquez-Viray; Elaine Marie Laceda

Serrano Law

Elmer Serrano heads the offering at Serrano Law, which has considerable experience in securities law and capital markets. Phil Ivan Chan is skilled at advising on matters such as bond issuances, IPOs and secondary offering filings, while the team also frequently deals with the Philippine Stock Exchange (PSE) and the Securities and Exchange Commission (SEC) on a broad array of complex matters. The group has been involved in some notable deals relating to equity issuances and public offerings in recent years.

Practice head(s):

Elmer Serrano

Other key lawyers:

Phil Ivan Chan


‘The team is very easy to work with, highly responsive to our needs and requirements and can handle complex issues.’

‘Elmer Serrano and Phil Ivan Chan are very professional, knowledgeable and experienced. They provide practical solutions to the issues.’

‘Elmer Serrano is an expert in his field given years of experience in mergers and acquisitions, corporate law and litigation.’

Key clients

BDO Unibank, Inc.

Udenna Corporation

Chelsea Logistics and Infrastructure Holdings Corp.

Atlas Consolidated Mining and Development Corporation

Carmen Copper Corporation

Dominion Holdings, Inc. (formerly BDO Leasing and Finance, Inc.)

DFNN, Inc.

SM Investments Corporation

Lodestar Investment Holdings Corporation

Work highlights

  • Advised BDO Unibank, Inc. for its maiden issuance of Blue Bonds pursuant to the Blue Bond Subscription Agreement with International Finance Corporation.
  • Advised on the tender offer for shares of 2GO Group, Inc. and on the Voluntary Delisting of 2GO Group, Inc. from the Main Board of the Philippine Stock Exchange.
  • Advised on the execution of implementing agreements for Ms. Socorro P. Lim’s subscription and is now assisting Lodestar Investment Holdings Corporation to complete the listing of its unissued shares with the PSE.