Allen & Overy 'has expert-level understanding of the key regulatory and investment issues in the Philippines'. It has 'participated in some of the largest and most complex inbound deals' and is also equipped to advise on significant outbound investments by Philippine corporations. From its offices in Singapore and Hong Kong, its lawyers advise on major corporate and M&A, finance and capital markets transactions involving the Philippines, and the firm also has a notable track record in international arbitration, including for Philippines-based clients. Alun Evans is 'a favourite among clients as he is able to anticipate issues that may arise in evolving deals'. In a transaction involving 11 jurisdictions, Evans and a team advised Pilmico International, a subsidiary of Philippine conglomerate the Aboitiz Group, on its $404m acquisition of a 75% stake in major agribusiness company Gold Coin. Jason Humphreys and New York and Philippine-qualified lawyer Giancarlo Sambalido also receive praise.

Linklaters stands out for its strength in capital markets, corporate and M&A and finance transactions. It was bolstered in 2018 with the arrival of Amit Singh and Michele Discepola to the Singapore office from Allen & Overy. Key names in the Hong Kong office include Patrick Sheil and James McLaren. In a significant highlight, Sheil and counsel Christian Felton (also in Hong Kong) acted as special US counsel to the Republic of the Philippines in the SEC-registered offering and issuance of global bonds under the Republic's shelf registration statement. Other clients include household name companies in the transport, entertainment and financial services industries.

Recommended firm Clifford Chance provides English, Singapore law and US law advice to its clients in multi-jurisdictional transactions, with particular strength in corporate and M&A and finance. Its sector specialisms span energy and natural resources, private equity, real estate, financial institutions and telecoms, among others. In a significant transaction, Valerie Kong and a team advised Golden Springs Group on the sale of a majority stake in Gold Coin, a major animal feed manufacturer with operations in 11 countries, to Pilmico International. Singapore-based financial institutions and tech specialist Satbir Walia (who previously worked in the Hong Kong and New York offices) was promoted to partner in 2018. Andrew Gambarini retired from the firm.

Leading Philippine conglomerates turn to Gibson Dunn for assistance in major projects in the country and in their outbound investments. The team also acts for foreign companies looking to invest in the Philippines. Highlights in 2018 included advising Meralco PowerGen Corporation on its bid for the 51% ownership interests of AES Corporation in the Masinloc Power assets, including a 630MW coal power plant in the Philippines. Practice head Patricia Tan Openshaw is based in Hong Kong and specialises in project development, finance and M&A transactions, particularly those involving significant energy and infrastructure assets.

The Philippines focus group at Herbert Smith Freehills comprises projects, M&A, finance and dispute resolution lawyers based across the Australia, Hong Kong and Singapore offices. Its ability to handle high-stakes international arbitration is a distinguishing feature. In the projects and infrastructure space, the team acts for key players in their energy and power projects in the Philippines. In one highlight, Sydney-based partner Toby Anderson advised First Gen Hydro Power Corporation in relation to the development, engineering, procurement and construction of the 23MW Bubunawan hydroelectric power plant. David Clinch is another key practitioner; his experience spans project development, project finance, acquisitions and joint ventures in the oil and gas, power, mining, chemical, refining and infrastructure sectors.

The 'experienced lawyers' at Pinsent Masons have impressive expertise in renewable energy and infrastructure projects, including PPPs. The team was further strengthened by the hire of James Harris from Jones Day in 2019; Harris is an expert in greenfield and brownfield projects in Southeast Asia. David Platt is noted for his 'hands-on and practical' approach. He and senior associate Priya Dalal advised International Finance Corporation (IFC) as transaction adviser to Bases Conversion and Development Agency of the Philippines on the EPC and O&M concessions for the Clark International Airport expansion project. John Yeap co-heads the practice with Platt and is also recommended.

Shearman & Sterling LLP's project finance practice enjoys global renown, and it is active in infrastructure and power projects in the Philippines as elsewhere. Its strong relationships with project sponsors (including major conglomerates), multilateral development banks and export credit agencies ensure an active workflow. In 2018, the team continued to provide advice to Ayala Corp, Metro Pacific and Macquarie on the development and financing of the Light Rail Transit 1 Cavite Extension project. Anna Chung and Bill McCormack are the names to note.

Skadden, Arps, Slate, Meagher & Flom LLP draws on over two decades of experience in Southeast Asia, including in the Philippines, where it advises on project financing, M&A and capital markets deals. Recently, it has been particularly active in large-scale, multi-jurisdictional M&A, acting on both the buyer and seller side. In one example, a cross-office team including Jonathan Stone in Hong Kong and Rajeev Duggal in Singapore advised Equis Funds Group on the $5bn sale of Equis Energy (Singapore), including its operations in the Philippines, to Global Infrastructure Partners and co-investors. In internal developments, banking and finance expert John Hartley joined as of counsel from Gibson Dunn in December 2018.