Foreign firms in Philippines

Latham & Watkins LLP excels in project finance and is often instructed in major energy and infrastructure projects taking place in the Philippines. Recently, this included representing Meralco PowerGen Corp as lead sponsor in the project financing for the development of the 1,200MW coal-fired power project in Atimonan, Quezon. The team - which is spread across Singapore, Hong Kong and Tokyo - also has strong capital markets and corporate and M&A practices, and acts for a diverse client base. In a major highlight, Michael Yoshii, Benjamin Carale and Stephen McWilliams advised San Miguel Corporation and its subsidiary SMC Global Power Holdings on the acquisition of Singapore-based power generation company Masin-AES; the sale included two 315MW Masinloc coal-fired power plants, a 335MW Masinloc power turbine coal-fired power plant under construction and a 10MW Masinloc energy storage project.

Milbank is regularly instructed in the most high-profile capital markets, corporate and finance deals that involve the Philippines, and it retains longstanding relationships with leading clients in the financial services, energy and power sectors. Recent highlights include advising GNPower Kauswagan on the EPC and other project development matters linked to the construction and development of its $1.2bn 4x135MW coal-fired power plant project; James Murray and recommended of counsel Desiree Woo led the advice. Counsel Paul Pery is US- and Philippines-qualified and is registered as a foreign lawyer in Hong Kong; he specialises in debt, equity and equity-linked capital markets deals. Highly experienced corporate and finance lawyer James Grandolfo co-heads the team with Murray.

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.

Highly regarded for international arbitration, King & Spalding LLP has handled some of the largest Philippines-related disputes, including investor state and commercial disputes. On the non-contentious side, the team is equipped to advise on large-scale transactions and projects. This side of the practice was bolstered with the arrival of corporate and M&A and private equity expert Lee Taylor from Clifford Chance in 2018. This was followed by the arrival of Andrew Brereton from the same firm in 2019; Brereton specialises in acquisition, trade and structured financing and restructuring. Leading companies in the energy, mining and natural resources sectors turn to the team. In a cross-office effort, Wade Coriell and others are acting for Shell in an ICSID arbitration against the Republic of the Philippines concerning the allocation of petroleum revenues under a petroleum services contract.

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.

Major financial institutions, private equity funds and multinational corporations turn to Stephenson Harwood LLP in investments and finance transactions involving the Philippines. Transport finance is a particular strength. The team has expanded considerably through several recent hires; this includes the hire of Gregory Xu, who joined from Clifford Chance in 2018 and was promoted to partner in 2019, and the arrival of Martin Brown and John Simpson (and others), who joined from Ince in 2018 and 2019, respectively. George Cyriac  is another key contact; he advised AIGF, a Singapore-headquartered private equity fund, on its investment in Philippines-based co-working and flexible workspace provider KMC Solutions. Tom Platts heads the practice.

White & Case Pte. Ltd. has renewed its focus on the Philippines, where it has been active for several decades. It significantly expanded its projects and energy practice with several hires in 2017, and also maintains active banking, capital markets and corporate practices. Its clients include multinational corporations and Philippine conglomerates, and it has recently increased its client base with several new clients. In recent work, a multi-office team including Fergus Smith in Singapore advised Asian Development Bank as project advisor on Philippines National Oil Company’s proposed development of an LNG-to-power project in the Philippines, involving LNG regasification and various power projects.

At Hogan Lovells Lee & Lee, lawyers from across the Asia Pacific, Europe and US offices collaborate on Philippines-related transactions, focusing primarily on infrastructure and PPP projects and M&A deals. It is often sought out by development finance institutions and export credit agencies for advice in significant projects. Corporate M&A and private equity expert Mark Cooper is the key contact.