Capital markets in Philippines

Angara Abello Concepcion Regala & Cruz Law Offices (ACCRALaw)

The busy capital markets practice at Angara Abello Concepcion Regala & Cruz Law Offices (ACCRALaw) is ably led by Judy Hao, who has substantial experience in equity and debt capital raising transactions. The team acts on both the underwriter and issuer side of transactions, with clients including leading domestic and international banks. Other areas of expertise include securitisation projects and the establishment of mutual funds. Highlights in 2018 included Hao and Francisco Lim's representation of Standard Chartered Bank and HSBC as joint lead managers in connection with the senior fixed rate PHP10.5bn bond issuance by Union Bank of the Philippines. The team grew at the partner level with the promotion of Everlene Lee to the partnership in 2019, and other significant team developments included the retirement of Tadeo Hilado.

Practice head(s):

Judy Hao

Key clients

BDO Capital and Investment Corporation

Cirtek Holdings Philippines, Inc.

Standard Chartered Bank


Abacus Capital & Investment Corporation

Global Ferronickel Holdings

Rizal Commercial Banking Corporation

First Metro Investment Corporation

Work highlights

  • Acted as domestic counsel for UBS as underwriter in connection with the stock rights offering of Metropolitan Bank & Trust Company.
  • Acted as counsel for BDO Capital and Investment Corporation in the issuance of the third tranche of SM Prime Holdings fixed rate bonds.
  • Acted as counsel to Global Ferronickel Holdings in connection with its proposed follow-on public offering and listing with the Philippine Stock Exchange.
  • Represented the underwriter, BDO Capital and Investment Corporation, in connection with the IPO of Cal-Comp Technology.
  • Acted as counsel for the joint lead managers, Standard Chartered Bank and HSBC, in connection with the senior fixed rate bond issuance by Union Bank of the Philippines.

Martinez Vergara Gonzalez & Serrano

Acting for both issuers and underwriters, Martinez Vergara Gonzalez & Serrano has substantial experience in IPOs, follow-on and rights offers, tender offers, reverse takeovers of publicly listed firms and issuances of global depositary receipts. The team has remained busy despite the recent slowdown in capital markets transactions in the Philippines, even picking up a number of new clients in the waste management, media and advertising sectors. In a recent highlight, a team led by Elmer Serrano and Mia Jazmin Ormita served as counsel to BDO Unibank in its bond issuance in February 2019; proceeds from the issuance are intended to diversify the bank's funding sources and support its business expansion. Manuel Gonzalez heads the practice and is supported by a team of lawyers with expertise in capital markets, M&A and banking.

Practice head(s):

Manuel Gonzalez


MVGS, though one of the “youngest” law firms in the country, has shown maturity and experience. The lawyers have exhibited out-of-the-box thinking in providing advice to clients‘.

The lawyers are conscious of the deadlines of transactions and as such, are able to give timely advice‘.

Manuel Gonzalez is an effective communicator and negotiator‘.

Gwyneth Ong is valued for her sound advice and keen eye for detail‘.

Janice Co is excellent in interacting with the client, sourcing information and managing documentation‘.

Key clients

P.A. Alvarez Properties & Development Corporation

Chelse Logistics Holdings

SBS Philippines

Sta. Lucia Land

Work highlights

  • Acted as counsel to BDO Unibank in raising PHP35bn through a bond issuance in February 2019.
  • Acted as transaction counsel to Alsons Consolidated Resources in connection with its commercial paper programme.
  • Advised P.A. Alvarez Properties and Development Corporation on its maiden issuance of perpetual notes in the aggregate amount of PHP1bn.

Quisumbing Torres

The 'skilled and experienced team of lawyers' at Quisumbing Torres have strong knowledge of securities laws and regulations and handle a range of debt and equity transactions. Outside of its transactional work, the team provides advice on stock exchange compliance, securities registration and corporate governance. The firm has a unique position in the Philippines due to its alliance with Baker McKenzie; many of its key clients are multinationals, though the team also maintains strong relationships with local companies and financial institutions. Capital markets practice head Alain Charles Veloso is also well versed in corporate and competition law; among his sector specialisms are energy, infrastructure, natural resources, real estate and TMT. TJ Mendoza is another key practitioner in the team.

Practice head(s):

Alain Charles Veloso

Other key lawyers:

TJ Mendoza


The team is professional and knowledgeable‘.

Charles Veloso is very hardworking and puts his heart into whatever he is doing. He is very meticulous and focuses on every detail‘.

Work highlights

  • Advised a company on its delisting from the Philippine Stock Exchange.

SyCip Salazar Hernandez & Gatmaitan

A leading firm for capital markets transactions in the Philippines, SyCip Salazar Hernandez & Gatmaitan has impressive experience in debt and equity deals. In recent significant work, the team assisted BPI Capital Corporation and Standard Chartered Bank in their capacity as joint lead managers and bookrunners in the $90m green bonds issuance by International Finance Corporation (IFC), which represented the first green bond in the Philippines and the first Philippine bond issued by the IFC. The sizeable group saw organic growth in 2019 with the promotions of Leah Abutan, Bhong Paulo Macasaet and Joan Mae To-Conejos to the partnership. Vicente Gerochi heads the banking, finance and securities department; also key is Simeon Ken Ferrer, who advises on equity, debt and derivative securities issues and securitisation transactions.

Practice head(s):

Vicente Gerochi

Key clients

BDO Capital & Investment Corporation/BDO Unibank

PNB Capital & Investment Corporation/Philippine National Bank

BPI Capital & Investment Corporation/Bank of the Philippine Islands

Standard Chartered Bank

Australia and New Zealand Banking Group

San Miguel Corporation

Work highlights

  • Assisted BPI Capital Corporation and Standard Chartered Bank in the IFC $90m green bonds issuance.
  • Acted as Philippine legal counsel to the underwriters in relation to the IPO by D.M. Wenceslao & Associates.
  • Acted as Philippine counsel for Bank of the Philippine Islands in connection with its issuance of S$600m five-year bond offering.
  • Advised NLEX Corporation on its shelf registration of Philippine peso-denominated fixed rate bonds.

Gorriceta Africa Cauton & Saavedra

Capital markets is one of the core focus areas at Gorriceta Africa Cauton & Saavedra; the firm has established itself as a significant player in the legal market in the Philippines, handling a range of complex corporate, M&A and capital markets transactions. In a major highlight, the team acted as domestic counsel for property developer D.M. Wenceslao & Associates in its PHP8.1bn IPO; the team provided comprehensive advice on the offering process, registration requirements and myriad issues arising from the offering. Mark Gorriceta is the managing partner. Expanding its geographic reach, the firm entered into a strategic cooperation agreement with Singapore-based firm Yusarn Audrey, which has an additional presence in Thailand and Malaysia.

Practice head(s):

Mark Gorriceta


Gorriceta has the capabilities, network and excellent client servicing to enable a company to tap the capital markets‘.

Key clients

Okada Manila

DM Wenceslao & Associates

Audiowav Media

Xeleb Technologies

Work highlights

  • Advised D.M. Wenceslao & Associates on its PHP8.1bn IPO in 2018.
  • Acted as Philippine counsel to the issuer, Universal Entertainment Corporation, and the Philippine guarantor, Tiger Resort Leisure and Entertainment (doing business under the name Okada Manila), for the private placement of $600m 8.50% senior notes.
  • Acting as lead transaction counsel to Audiowav Media in its application for listing with the Philippine Stock Exchange on the SME Board.

Picazo Buyco Tan Fider & Santos

Picazo Buyco Tan Fider & Santos has handled a number of IPOs, as well as rights offerings, bond offerings and securities issuances and transactions, working for a number of large domestic corporations, banks and financial institutions.

Puyat Jacinto & Santos Law Offices

Puyat Jacinto & Santos Law Offices ' capital markets team has acted for issuers, joint managers and lead arrangers for debt capital markets transactions within the Philippines, including the PHP240bn bond issuance of Aboitiz Equity Ventures. Ramil Bugayong , Pearl Grace Cabali  and Maria Raquel Chavez are the main contacts.

Quiason Makalintal Barot Torres Ibarra Sison & Damaso

Enrique Quiason and Ruelito Soriano are the lead partners at Quiason Makalintal Barot Torres Ibarra Sison & Damaso. The firm handles a range of equity and debt capital markets deals and has complementary expertise in corporate and M&A, tax, banking and project finance. The team also benefits from a pool of experienced associates, including Rochezka Beltran and Jose Antonio Reyes. Highlights in 2019 included acting for BDO Capital & Investments as underwriter in the offer and listing of 10 million preferred shares of property developer Arthaland Corporation.

Practice head(s):

Enrique Quiason; Ruel Soriano

Key clients

Energy Development Corporation

First Philippine Holdings

BDO Capital & Investments

Transnational Diversified Corporation

Work highlights

  • Represented the underwriters in the offer and listing of 10 million preferred shares of Arthaland Corporation.

Romulo Mabanta Buenaventura Sayoc & De Los Angeles

At Romulo Mabanta Buenaventura Sayoc & De Los Angeles, partner Jose Luis De Dios advises domestic and international clients on IPOs and equity issues.

Villaraza & Angangco (V&A Law)

The capital markets team at Villaraza & Angangco (V&A Law) has recently been instructed by several international companies to advise on IPOs in foreign jurisdictions. It often advises financial institutions and listed companies on transactions and regulatory compliance. In team news, Paul Rodulfo Imperial made partner in 2019; his practice spans capital markets, M&A, banking and securities law, and he has recently taken a role on several of the team's key transactions. Co-heads Sylvette Tankiang and Franchette Acosta complement their capital markets expertise with knowledge of corporate and M&A, commercial law and banking.

Key clients

Qin Finance

Rizal Commercial Banking Corporation

BDO Unibank