Gorriceta Africa Cauton & Saavedra

By Atty. Kristine Torres  and Atty. Mark S. Gorriceta March 29, 2024 – In the era of sustainability and growing concerns over climate change, environmental, social and governance (ESG) considerations have gained more significance in the context of mergers and acquisition (M&As) and dealmaking. Companies, investors and stakeholders are faced with increasing pressure to integrate ESG factors in business and investment decisions including M&As transactions. Why ESG matters in M&As From the perspective of acquirers and investors, those who stand out with ESG compliance are perceived to be more attractive as M&A targets that not just create value for investors, but also help enhance reputational impact. Beyond showing profitability and scalability, in modern M&A deals, being environmentally and socially responsible and having good corporate governance as key investment criteria make an organization more desirable since they help acquirers enhance their reputation post-acquisition. ESG reporting and issuances The increased interest in ESG considerations can also be seen in the accelerated push for ESG or sustainability reporting and disclosures among publicly listed companies (PLCs). Aside from the growing stakeholder and investor awareness, there have been a number of regulatory developments in the Philippines on ESG reporting, since the earlier Code of Corporate Governance for Publicly Listed Companies, that introduced sustainability reporting and was released back in 2016 by the Securities and Exchange Commission (SEC). In 2019, the SEC released Memorandum Circular 4, Series of 2019, entitled “Sustainability Reporting Guidelines for Publicly-Listed Companies,” which requires PLCs on a “comply or explain approach” to submit a sustainability report as part of their annual report. In 2023, the SEC stepped it up by announcing that it is revising the said guidelines where PLCs will be required to submit narrative and sustainability reports that elevate the quality of sustainability reporting aligned with the latest developments in global sustainability frameworks. As ESG continues to gain traction and our Philippine regulators continue to steadily adopt policies and reporting frameworks on sustainability, there will be an increased demand for transparency in ESG disclosures, which should be addressed as well by private companies involved in M&A transactions. ESG due diligence This great attention to ESG and the government initiatives to step up the sustainability reporting framework also put more emphasis on the importance of ESG due diligence that continues to reshape M&A transactions. While review of the different facets of ESG such as labor, human rights, environmental compliance and corporate governance has long been part of a customary diligence investigation, it has only been relatively recently that specific focus on ESG considerations ― both as value driver, and brand and reputation enhancer ― is being made and weighed heavily in M&A decision-making processes. Legal and technical advisors play a crucial role in identifying risks and in helping companies prepare a remediation plan or mitigants. For example, for the buy-side, ESG due diligence covering the “E” component would focus on the compliance by the target company with national or local environmental regulations, checking environment-related risks, waste disposal, carbon dioxide emissions and climate policy, among others. For the “S” component, this will cover investigation of the social aspects such as human right law, labor standards, code of conduct, health and safety, data privacy, cybersecurity, diversity and equal opportunities for employees. Lastly, for the “G” component, this constitutes evaluating the corporate governance framework, risk management systems, internal policies for anti-bribery, anti-corruption and whistleblowing, and the oversight function of the board, among others. M&A documentation Closely linked with ESG due diligence, it is not uncommon to see ESG representations and warranties, as well as tailored-fit ESG covenants and indemnities in the definitive agreements, as risk-allocation tools. For impact investor-led deals, standard ESG representations and warranties are typically included. In some cases, and depending on the parties’ negotiating strength, material adverse effect or material adverse change clauses would also capture scenarios on ESG risks, which, if present, will allow the buyer or investor to walk-away. Overall, the approach to ESG as it impacts M&A deals would vary depending on the industry of the target company, heavily influenced by the parties involved, their profiles and culture. One size does not fit all, but the approach should ultimately be risk-appropriate.   Sources: https://www.manilatimes.net/2024/03/29/business/top-business/how-esg-impacts-mas-and-dealmaking/1938964

By: Atty. Ma. Katrina Rafaelle M. Ortiz August 28, 2024 – In today’s evolving business environment, the pursuit of profit remains as an important objective for businesses and other economies. However, there are recent shifts in stakeholder priorities which indicates that profit alone is no longer the primary concern. Key stakeholders like investors, customers, and employees now emphasize the need for sustainable practices that safeguard our collective future, one of which is the need for an Environmental, Social, and Governance (ESG) criteria that will lay the foundation for a more sustainable business and economic growth. The Philippine Securities and Exchange Commission (SEC), along with the Philippine Central Bank, and the Insurance Commission (IC) recently promulgated the Guidelines on the Philippine Sustainable Finance Taxonomy (the “STFG Guidelines”), which aims to channel and amplify economic endeavors that promote goals in relation to sustainability, like the reduction of greenhouse gas emissions and bolstering climate resilience and promoting transparency and reliability on all regulated entities. The salient points of the STFG Guidelines include conducting self-assessments on what activity qualifies as environmentally and socially sustainable. Further, the STFG Guidelines encourage the assessment of the Environmental Objectives of these activities by considering the following factors of (1) Activity and strategic alignment, (2) Investors/financial institutions’ priority, and (3) Government and industry guidance. These activities should be assessed to determine whether there are activities that would harm other Environmental Objectives by utilizing the general guiding questions for “Do No Significant Harm” under the circulars. Lastly, if an activity poses a harm to other Environmental Objectives, it should be remedied within the required defined period, or if an activity can still be aligned with the objectives of the STFG Guidelines, using the “Remedial Measures to Transition” provided for under the rules. Notably, the enactment of the STFG Guidelines is only recommendatory and does not impose any mandatory compliance obligations to regulated entities. However, regulated entities are expected to understand and be familiar with the STFG Guidelines and are encouraged to take into consideration its provisions and required standards. The development of ESG regulatory framework in other jurisdictions is rapidly evolving, but not without encountering several challenges in relation to its enforcement and implementation. For instance, the EU Corporate Sustainability Reporting Directive (CSRD), which was enacted in January of 2023 and mandates the reporting of disclosure of several compliance obligations, including corporations’ carbon emissions and the provision of sustainability impact of their supply chain, was met with challenges among firms, including, but not limited to, setting budgets for implementation, external collaboration stakeholders, like suppliers, and internal collaboration and alignment across business functions.[1] As compared to other jurisdictions, the Philippine framework for ESG and sustainability is relatively early, as can be gleaned from the limited application of laws, rules, and regulations. Considering that the current rules in the Philippines only mandate publicly listed companies to provide sustainability reports pursuant to SEC Memorandum Circular No. 4, Series of 2019, other regulated entities are not compelled to enact sustainable business practices, as there are little to no incentives provided for under the law. Consequently, profit-driven companies have limited commercial motivations and consideration in integrating sustainable business practices within their internal policies. Despite the foregoing, Philippine entities should consider adopting the STFG Guidelines for several important reasons. First, although entities are not yet mandated under the law to adopt ESG practices, the eventual enactment of ESG laws, rules, and regulations by the government is inevitable. By implementing these guidelines, entities can gain a valuable head start, allowing them ample time to study and understand the impact of ESG policies on their internal systems and practices. Second, the growing demand from key stakeholders for more sustainable business practices is an essential consideration. Evaluating and adapting business partnerships to meet these stakeholder needs can enhance long-term value creation and strengthen relationships among key stakeholders. Lastly, integrating more cost-efficient and sustainable policies can significantly improve profit margins. By optimizing resources and adopting more sustainable practices, businesses can achieve greater financial efficiency while contributing positively to environmental and social goals. In a country where natural calamities are widespread, and where businesses suffer financial losses because of these calamities, entities should see and evaluate the value and importance of adopting ESG Policies, as these commitments will not only benefit the environment but also contribute positively to corporations. [1] Verdantix Global Corporate Survey 2023: ESG & Sustainability Budgets   Sources: https://gorricetalaw.com/going-green-sustainable-business-practices-for-a-sustainable-future/

By: Atty. Edsel Tupaz May 3, 2024 – ARTIFICIAL intelligence (AI) has become a major disruptor in industries and workplaces worldwide. Rapid developments in the strength and efficiency of AI systems in solving longstanding problems have turned the once niche tech into an essential productivity tool. However, the rapid integration of AI in workplaces has caused considerable friction, due to in no small part to the lack of rules and governance standards underpinning its development and use. AI tools that are used recklessly without rules and standards can harm a company’s bottom line and even its reputation. To put things into context, AI tools have been implicated in several high-profile blunders. AI hiring tools trained with bad data have been reported for discriminating job applicants based on their gender and race. Unsupervised AI chatbots used in customer service roles have made the news for giving customers false information. Careless professionals have been sanctioned for their over reliance on AI tools for their research, which resulted in the use of fake citations in their work. Even though as laws on AI have yet to be passed in the Philippines, companies should take the initiative to reduce the risks that accompany AI integration through the adoption of AI governance frameworks under a risk-based approach. Proper AI governance balances innovation with the management of potential risks, like privacy issues and biased outputs, through guidelines and policies. These guidelines and policies are built on the principle that AI use must be transparent, ethical and accountable. These principles form the bedrock of most AI regulations and AI standards in other countries, such as European Union’s EU AI Act and Singapore’s Veritas Toolkit for Responsible Use of AI in the Financial Sector. Responsible companies using AI can aim to be transparent, making a point to disclose their use of AI, the capabilities and limitations of AI use, and their rules for AI use, to the people who will be affected by it. Transparency is an essential ingredient in building confidence in a company’s AI systems. Transparency builds trust between the company and its stakeholders and gives stakeholders the opportunity to assess the correctness of AI outputs. Transparency is also a legal requirement in some cases under National Privacy Commission Circular 2023-04 (Guidelines on Consent) when AI is to be used to profile or process the personal information of data subjects. A company’s AI tools must also be fair and ethical both in their development and usage. On one hand, an AI tool is developed fairly and ethically when it is trained using high-quality data that is properly collected and diverse enough to consider a wide range of situations. The collection of AI training data should not violate the rights of data subjects under the Data Privacy Act of 2012. Training data should also account for protected and underrepresented groups, such as persons with disabilities, to avoid AI outputs that violate laws protecting those groups. On the other hand, an AI tool is used fairly and ethically when it is only used for the purposes for which it was built and when it is not used to circumvent the law. AI tools are not Swiss army knives that can be used for all purposes. Responsible AI users know the capabilities and limitations of their AI tools well and only use AI tools for purposes for which they are designed. This means only using ChatGPT to structure and proofread drafts and not to fully write legal memoranda and expert opinions. This means that users should turn to AI-powered resume screening tools to filter resumes but not treat them as the sole basis for a hiring decision. Responsible AI users know that AI tools are just tools. There must be sufficient human oversight over all AI systems. AI may not be used as legal shield to take responsibility away from irresponsible users. Responsible companies are accountable for AI use. Accountability does not only mean correcting AI errors, but also means preventing errors from happening. Proper AI governance requires auditing AI tools to ensure their outputs are reliable, correct and legal. There must be algorithmic bias testing prior to deployment. Accountability also requires companies to install AI experts in leadership and advisory roles to ensure responsible AI principles are integrated in company policies. AI governance is new and groundbreaking, but the principles underlying it are well-established. It follows a risk-based approach, applies established data protection principles, and integrates product safety standards. AI governance is corporate governance for today’s most disruptive technology. If companies want to maximize gains from the AI revolution, executives should put their hand on the wheel and guide AI adoption and not ride with the hype of AI.   Source: https://www.manilatimes.net/2024/05/03/business/top-business/the-rising-need-for-ai-governance/1944451

By: Atty. Marisol O. Sison August 28, 2024 – Customer due diligence in the financial industry is akin to getting to know someone before embarking on a long-term relationship. Just as individuals assess compatibility, potential red flags, and shared values, covered persons (e.g. Banko Sentral ng Pilipinas supervised entities, Securities and Exchange Commission supervised entities, Insurance Commission supervised entities, Casinos, and Designated Non-Financial Business and Profession) must thoroughly understand their customers to mitigate risks and prevent money laundering and counter-terrorist financing. Everyone begins a relationship with a "getting-to-know-you" phase. Sharing personal and professional backgrounds is essential for building trust. Similar to this, the Anti-Money Laundering Council (AMLC) mandates covered persons to conduct customer due diligence. Customer due diligence involves identifying and verifying the true identity of customers, and their agents and beneficial owners, including understanding and monitoring of their transactions and activities (Section 1(aa), Rule 2, 2018 Implementing Rules and Regulations of R.A 9160, as amended, hereinafter “2018 IRR”). This procedure is crucial in order to understand and, as appropriate, obtain information on the purpose and intended nature of the business relationship. Ultimately, the goal of customer due diligence is to prevent the use of these covered institutions as instruments for money laundering and terrorist financing. Thus, as a necessary consequence, covered persons who are unable to satisfactorily complete the customer due diligence measures shall have to refuse commencing relationship and file a Suspicious Transaction Report, if circumstances warrant. (Section 12, Rule 7, 2018 IRR) Just as relationships deepen over time, financial institutions must continually assess their customers. Covered persons are mandated to implement “ongoing monitoring process” on the business relationship and scrutinize transactions undertaken throughout the course of the relationship. This is to ensure that the transactions being conducted are consistent with the covered person’s knowledge of the customer, their business and risk profile, and the source of funds (Section 9, Rule 18, 2018 IRR). Essentially, the goal of ongoing monitoring is to accurately represent the customer's identity and activities. Thus, once the covered entity acquires information, in the course of its customer monitoring, that there is doubt as to the accuracy of any information or document or indicates any suspicious circumstances (e.g. unusually large transactions, unusual patterns of transaction, transactions without apparent economic purpose), the covered entity shall have to conduct enhanced due diligence on the customer (Section 8.2, Rule 18, 2018 IRR). From the word itself, enhanced due diligence requires stringent procedure of identification of the customer, his/her assets, and the source of wealth, among others (Section 10.2, Rule 18, 2018 IRR). Similar to nurturing a long-term relationship, ongoing monitoring of transactions is crucial for stopping any attempt at money laundering by identifying red flags at their earliest stages. Ultimately, due diligence empowers financial institutions to make informed decisions, protect the reputation of financial institutions, and contribute to a safer financial ecosystem. By thoroughly understanding their customers, institutions can identify potential red flags, prevent fraud and crimes and comply with regulatory requirements.   Source: https://gorricetalaw.com/getting-to-know-you-the-amla-way/

By: Atty. Hans Richmond Ong September 4, 2024 – It is no secret that Filipinos love cars. The impressive vehicle sales performance for the first quarter of 2024 showing a 12.7% increase year on year[1] is clear indication of the auto industry’s recovery from the COVID-19 pandemic-induced slump[2]. In the Philippines, Electric Vehicle (EV) adoption is picking up speed, with EV sales in the first half of 2023 up 500% compared to EV sales for the entirety of 2022.[3]  According to a 2023 survey conducted by marketing research firm Standard Insights, Filipinos display a positive attitude towards EVs as a top choice for transportation, especially with the younger generation. A significant 50.8% expressed confidence in EVs becoming the future of the automotive industry, showcasing a positive development for the country’s transportation sector.[4]  As the country continues to embrace EVs, another industry has quietly been on the rise, the Light Electric Vehicle Industry. With the Metropolitan Manila Development Authority’s (MMDA) ban on light e-trike and e-bike formally coming into effect last April 15, 2024, many road users are confused as to what exactly the ban covers. MMDA Regulation No. 24-002, series of 2024 (the “Regulation”), implemented through, among others, MMDA Memorandum Circular No. 2024-04 (the “IRR”), provides that all e-bikes, defined as any two or three-wheeled mode of transportation propelled by an electric motor,[5] e-trikes,[6] any three-wheeled vehicle powered by an electric motor, and other electric vehicles as found in Sections 2.5 to 2.8, and 2.10 of Land Transportation Office (LTO) Administrative Order No. 2021-039 are prohibited from traversing national roads. What are these other electric vehicles? Sections 2.5 to 2.8, and 2.10 of LTO Administrative Order No. 2021-039 provide: 2.5 Electric Mobility Scooter - a two, three or four wheeled vehicle, with or without operable pedals, powered by electrical energy with less than 300 wattage capable of propelling the unit up to a maximum speed of 12.5 km/hr. 2.6 Category L Electric Vehicle - a motor vehicle with less than four wheels and including 4 wheeled vehicles with restrictions on maximum speed, maximum mass and maximum rated power as in the case of L6 and L7. 2.7 Category L1 (e-Moped 2w) - a two wheeled vehicle, with or without pedals, powered by electrical energy capable of propelling the unit up to a maximum speed of 50 km/hr. For regulation purposes, they are further classified into Category L1a and L1b. E-bikes fall under this category. 2.8 Category L2 (e-Moped 3w) - a three wheeled vehicle, with or without pedals, powered by electrical energy capable of propelling the unit up to a maximum speed of 50 km/hr. For regulation purposes, they are further classified into Category L2a and L2b. 2.10 Category L4 and L5 (e-Tricycle/e-Three Wheeled Vehicle) - a three wheeled motor vehicle powered solely by electrical energy with a minimum rated power of 1000 W capable of propelling the unit to no more than 50 km/hr and having a maximum curb weight of 600 kg. It is designed for the carriage of goods, cargoes, freights, and passengers. They could be symmetrically or asymmetrically arranged in relation to the longitudinal median plane. Categories L4 and L5 refer to the asymmetrical and symmetrical versions, respectively. The IRR provides some exceptions to the ban, in particular: Section 5. Exceptions. - The prohibition shall not apply in the following instances: Afore-stated roads are crossed by subject vehicles solely for the purpose of going to the other side of the road they bisect, divide, and intersect; Tricycles traversing not more than five hundred (500) meters of the afore-stated roads going to and/or coming from a u-turn slot solely for the purpose of going and or returning to the other side of the road bisected, divided and intersect. Light Electric Vehicle (LEV) traversing established bike lanes on afore-stated roads pursuant to Republic Act No. 11697 or the Electric Vehicle Industry Act. Understandably, while prohibited vehicles are generally not allowed to traverse national roads, some allowance is given as in the case of Section 5.b. (when the crossing is done for short distances) or Section 5.a. (when it is unavoidable).  However, more interesting is the exception found in Section 5.c., which uses the term “Light Electric Vehicle.” As defined within the IRR, this refers to “electric vehicles such as electric scooter, electric bicycle, electric personal transport or other similar vehicle weighing less than fifty (50) kilograms.” In sum, as a general rule, all e-bikes, e-trikes, and other EVs falling under the mentioned provisos are prohibited on national roads. LEVs however are allowed to traverse national roads, as long as these LEVs stay within the designated bicycle lanes. Considering that the ban on e-bikes and e-trikes is being implemented primarily due to safety concerns[1], curiously absent from the definition of an LEV is any qualification as to its maximum speed or wattage.  Without clear parameters on speed and power, the safety rationale behind the prohibition could be undermined. Higher-speed or higher-powered LEVs, even if they weigh under 50 kilograms, could still pose significant risks to bicycle lane users, especially in areas with high traffic volume. This is because as currently worded, the IRR makes it possible to “sneak in” higher-powered vehicles under the guise of being LEVs. The enforcement of both the bicycle lane exception for LEVs and the overarching national road prohibition is particularly challenging. Personnel on the ground would face significant difficulties in determining the weight of an electric vehicle, as well as its wattage and maximum speed, without specialized equipment. This raises practical questions about the feasibility of effectively enforcing these rules. How will traffic enforcers accurately measure and verify the wattage of an EV in real-time? Additionally, the broad definition of LEVs under exception Section 5.c. could open the door to a wide variety of EVs, some of which may not have been anticipated by the MMDA in drafting the IRR. As the market for EVs continues to grow and diversify, new types of LEVs with varying capabilities will likely emerge. It will be crucial for implementing agencies and/or bodies to periodically review and timely update their regulations to keep up with technological and other advancements. In conclusion, while the Regulation and its IRR aim to enhance road safety by regulating the use of certain EVs on national roads, the current definitions and exceptions are ambiguous, leaving considerable room for interpretation and potential safety concerns. A more detailed and precise framework, including specific speed and wattage limits for LEVs along with prescribed methods for measurement, would help address these issues and ensure that the Regulation’s goals are fully achieved. As the Philippines continues to embrace electric vehicles, proactive and ongoing dialogue between regulatory bodies, industry stakeholders, and the public will be essential to create a safe and sustainable transportation ecosystem.   Source: https://gorricetalaw.com/watts-next-the-mmdas-ban-on-e-bikes-and-e-trikes/

By: Atty. Ellice Edlyn L. Crescini October 1, 2024 – The COVID-19 pandemic forced everyone to change the way they shop.  Some of those changes, like the urge to hoard face masks and alcohol, were short-lived.  But other fundamental changes appear to be here to stay.  While e-commerce was a buzzword some years ago, today it is the norm.  Long after the easing of COVID-19 restrictions, people continue to engage in online shopping anywhere and everywhere. Whether it’s essentials or indulgences, convenience has become king, and the internet is the proverbial keys to the kingdom. Unfortunately, the increase in online transactions has also led to the proliferation of fraudulent online activities, as cybercriminals exploit the growing reliance on digital services on one hand and the lack of a regulatory framework on the other. As e-commerce continues to rapidly expand, it becomes vital to keep up and regulate the evolving digital marketplace. On December 5, 2023, President Ferdinand R. Marcos, Jr. signed into law Republic Act No. 11967 or the Internet Transactions Act of 2023 (“ITA”).  The ITA aims to regulate e-commerce by safeguarding consumer rights, promoting fair competition, securing online transactions, upholding intellectual property rights, ensuring product safety and standards compliance, and promoting environmental sustainability. The Implementing Rules and Regulations of the ITA (“IRR”), issued by the Department of Trade and Industry (“DTI”) on May 24, 2024, provides additional regulatory and developmental guidelines that are expected to aid the effective implementation of the ITA. The ITA applies to all business to business (B2B) and business to consumer (B2C) internet transactions, where one of the parties is situated in the Philippines or digital platforms for as long as they “avail of” or offer products to the Philippine market and has minimum contacts therein. The IRR defines “availment of the Philippine market” as any action or conduct that leads to, or indicates the intention to transact with persons or businesses located in the Philippines. It further defines “minimum contacts” as any touchpoint or interaction with any potential or actual customer, whether an individual, partnership, corporation or business, located in the Philippines, regardless of residence or citizenship. Otherwise stated, there is minimum contact if users in the Philippines are allowed to access and use a digital platform, and permitted to exchange information, goods or services while located in the Philippines. Among the salient features of the ITA is the creation of the E-Commerce Bureau under the DTI.  The E-Commerce Bureau serves as the central authority for policy formulation and monitoring in the digital space, including investigations and prosecution of non-compliance with the ITA. The law also mandates the creation of a centralized public repository of digital platforms, e-marketplaces, and online merchants engaged in e-commerce in the Philippines or an “Online Business Database” within one year from its effectivity. While the ITA was designed to regulate e-commerce and protect consumers, it faces several challenges. A key challenge is the difficulty of implementing its provisions across various online platforms, especially in areas with limited digital infrastructure. Enforcement is another key challenge, particularly when it comes to tracking and prosecuting online fraud, as it often involves dealing with the anonymity of users and the cross-border nature of digital transactions. Recognizing these, the ITA appears to be laying the groundwork for addressing these challenges.  For instance, prior to listing in the Online Business Database, merchants (both local and foreign) are required to register and provide essential information, such as names, at least one valid government ID for individuals, or business registration for juridical entities, their geographical location and contact details. With the plethora of current and verified data, the Online Business Database may mitigate enforcement challenges associated with personality and geographical anonymity. Another concern is the need for timely updates to the law to keep pace with fast-changing technologies and online practices. Consumer education poses its own challenge, as ensuring that users are fully aware of their rights and how to protect themselves online is difficult. Finally, balancing transparency with data privacy is a delicate issue, as laws must ensure that measures intended to protect do not infringe on personal privacy. To this end, the ITA mandates e-retailers to take the necessary precautions to protect the data privacy of consumers at all times in accordance with Data Privacy Act of 2012, and comply with the minimum information security standards set by the E-commerce Bureau, National Privacy Commission, and other issuances of relevant government agencies. The convenience of online shopping can only be fully realized when robust measures are in place to secure online transactions. While the ITA is a crucial first step towards fostering a safer e-commerce environment, regulatory compliance is of paramount importance as it helps protect consumers, safeguard systems and prevent illicit activities. As the digital marketplace continues to evolve, it will be essential for businesses, consumers, and regulators to work together, to stay abreast of the evolving landscape, strengthen the system, and timely adopt compliance measures, to ensure that online transactions remain secure, transparent, and beneficial for everyone.   Source: https://gorricetalaw.com/retail-reboot-unboxing-the-internet-transactions-act-of-2023/

By Atty. Kristine Torres  and Atty. Mark S. Gorriceta January 31, 2025 –  In recent years, we have seen a transformative shift in how investments are evaluated by incorporating environmental, social and governance (ESG) factors in investment decision-making. Beyond profitability, investors look through a business’ sustainability by evaluating environmental and societal contributions, and governance practices as useful benchmarks in the investing world. ESG investing considers, among others, a company’s carbon emissions footprint, source of energy, employee treatment, governance issues, and compliance with applicable laws and regulations. Investors around the world have realized that numbers alone do not paint the full picture, and that sustainability is a catalyst for long-term success. According to a study conducted by Morgan Stanley Capital International, around 79 percent of investors in Asia-Pacific economies have increased their ESG investments, while 57 percent are expected to have incorporated ESG issues into their investment analysis and decision-making processes by the end of 2021. The use of ESG principles in investing as a guiding tool is slowly but surely becoming more cemented as a global standard. This increasing trend of relying on ESG standards is attributed to the evolving political push and regulatory landscape, as well as the increased vigilance of consumers about the businesses they support. With the prominent growth of ESG investing, demand has also increased for ESG disclosures and sustainability reporting. Transparency and disclosures are indispensable pillars of ESG reporting, bridging the information asymmetry between companies and investors. For the past several years, regulators around the world have imposed tighter mandatory disclosures of ESG information and practices, in response to higher expectations of non-financial disclosures and the development of ESG frameworks. Recognizing the rising wave of ESG, the Philippine Securities and Exchange Commission (SEC) has also issued regulations pertaining to ESG disclosures and sustainability reporting. SEC Memorandum Circular 4, series of 2019, or the Sustainability Reporting Guidelines, requires publicly listed companies to submit sustainability reports together with their annual reports. The Sustainability Reporting Guidelines offer guidance on assessing and managing financial performance across economic, environmental, and social (EES) aspects of a company’s organization that will enable it to measure and monitor contributions toward achieving universal sustainability targets, based on globally recognized standards and frameworks. This was followed by the SEC’s issuance of Memorandum Circular 11, series of 2022, or the Rules on Sustainable and Responsible Investment Funds. Memorandum Circular 11 imposes requirements on investment companies before they may validly be considered and identified as Sustainable and Responsible Investment Funds. Under this circular, covered entities are also required to disclose information on ESG investments, criteria, sustainable investment strategies and risks, among others. Together with the Sustainability Reporting Guidelines, these regulations aim to ensure disclosure of material ESG factors influencing companies’ operations. The push to integrate ESG practices in businesses has also reached the Senate with the passage of Senate Bill 2765, entitled the ESG Reporting Act. If passed, the ESG Reporting Act will require all corporations (both stock and non-stock and not just publicly listed companies) to submit sustainability reports to the SEC. The SEC will also be the data collector and repository of ESG data submitted by all corporations. At the cornerstone of sustainable financing is the adoption of Sustainable Finance Taxonomy Guidelines (SFTG) by financial regulators such as the SEC and the Bangko Sentral ng Pilipinas. The SFTG serves as a simplified approach to determine whether an activity qualifies as environmentally or socially sustainable. It helps provide a set of standards that will equip investors to allocate funds to sustainable projects and aid in investment decision-making. In a nutshell, the framework established by SFTG will enhance investor confidence by minimizing the risk of greenwashing, or company policies or actions that can misleadingly promote environmentally friendly activities. Through SFTG, companies can ensure that their activities align with internationally recognized sustainability standards, making them more attractive to local and foreign investors. Sustainability reporting, if integrated in businesses, will be more than mere basic regulatory compliance because of its potential to unlock corporate value. With ESG investing continuing to gain attention, a stronger regulatory push for more transparent and mandatory ESG disclosures — ensuring data quality and minimized greenwashing — will play a crucial role in helping shape the Philippine ESG investing landscape, creating opportunities for companies and financial market participants.   Source: https://www.manilatimes.net/2025/01/31/business/top-business/esg-investing-and-sustainability-reporting-in-the-philippines/2047369

By: Atty. Karlene Erika Liao February 18, 2025 – On October 2, 2024, President Ferdinand R. Marcos, Jr. signed into law Republic Act No. 12023 or the Value-Added Tax (VAT) on Digital Services Act (the “Act”), which aims to ensure equitable tax treatment of all digital businesses providing services in the Philippines and generate much-needed additional revenue to aid national development. The Act also aims to level the playing field between local and foreign digital service providers (DPS) by, among others, imposing 12% VAT on all digital services consumed in the Philippines. The Act mandates the issuance of implementing rules within 90 days from its effectivity.  Thus, on January 17, 2025, the Bureau of Internal Revenue (BIR) issued Revenue Regulations (RR) No. 03-2025 , prescribing policies and guidelines in the implementation of the Act. RR No. 03-2025 reiterates that Digital Service Providers (DSPs), both residents and non-residents, who directly deliver or supply digital services such as online marketplace/e-market and online media and advertising to a buyer in the Philippines;  and/or who act as an online marketplace/e-marketplace on the transactions of non-resident sellers through the former’s platform (whether it is business-to-business or business-to-consumer transactions) are subject to 12% VAT on their gross sales derived from the digital services consumed in the Philippines. While there is no significant departure from the current VAT regulations affecting resident DSPs, the same cannot be said for non-resident DSPs.  RR No. 03-2025 contains quite a discussion on the compliance obligations of non-resident DSPs, who: (i) have until April 02, 2025 (or 60 calendar days from effectivity or February 01, 2025) to register via the VAT on Digital Services (VDS) Portal; and (ii) shall be held liable to VAT starting June 01, 2025 (or 120 calendar days from effectivity or February 01, 2025).  Non-resident DSPs are not required to have a local representatives in the Philippines, but they may opt to appoint a resident third-party service provider, subject to notification requirement to the BIR within the prescribed period. But of course, it will be more prudent for non-resident DSPs to have a resident third party service provider since it will be easier to comply with the regulatory requirements, including receiving any notices and filing of tax returns and other reporting obligations. In any case, having a resident third party service provider in the Philippines will not make the non-resident DSP a non-resident foreign corporation doing business in the Philippines. RR No. 03-2025  also dissected the rules under the reverse charge mechanism wherein persons engaged in business in the Philippines who avail of the digital services rendered by non-resident DSPs are required to withhold the VAT and remit the same to the BIR. Similarly, VAT-registered DSPs (regardless if resident or non-resident) classified as e-marketplace are also required to withhold and remit the 12% VAT on the gross sales received by their non-resident participating merchants/sellers. This reverse charge mechanism is strikingly similar with the withholding tax system already in place. However, what’s so special about this new mechanism introduced by the Act is that it only applies to VAT-registered taxpayers and does not cover non-VAT registered taxpayers who have purchases from non-resident DSPs. Definitely, a circular to further clarify the similarity/difference between these mechanisms is needed from the BIR. RR No. 03-2025  also grants the BIR the power to issue a Closure or Take Down Order, which would authorize the physical closure of the business / operations, as well as the blocking of digital services in case a DSP fails to (a) register its business with the BIR or (b) comply with its provisions. This does not preclude the BIR form filing administrative and criminal sanctions under the its Run After Tax Evaders (RATE) Program. Just like with any other new legislations and compliance requirements, both taxpayers and the BIR will surely encounter challenges and hiccups as they try to comply with (in the case of taxpayers) or implement (in the case of the BIR) the regulation.  This may include technical issues in the actual use of the VDS Portal (not available as of writing) which is expected to be made available to the public anytime soon taking into account the April 02 deadline for registration set by the BIR. Moreso, taking into account that the covered persons required to register are not residing in the Philippines, a step-by-step guide for the registration via the Portal will be very crucial to ensure the proper implementation of this directive. Keeping in mind that the objective of the Act is to ensure equitable tax treatment of all digital businesses in the Philippines and to generate additional revenues, our legislators and BIR must always ensure to strike a balance between the objective of the law and its effect on taxpayers. Source: https://gorricetalaw.com/now-loading-vat-on-digital-services/

By: Atty. Gerard Ceasar S. Baguio February 28, 2025 – What better way to end a vacation than claiming Value-Added Tax (VAT) or Sales Tax refunds as you wait for your flight back home? Many countries recognize the benefit of encouraging tourists to shop locally by offering these refunds. However, for foreign visitors to the Philippines, this has been a long-overdue privilege. Imagine the joy of exploring the vibrant markets and stunning beaches of the Philippines, knowing that a portion of your spending will return to you—turning your shopping spree into an even more rewarding adventure. It's high time the Philippines joins the ranks of tourist destinations that offer this tax benefit. In a recent study of the National Tax Research Center on Comparative Value-Added Tax (VAT) and VAT-like Structures in ASEAN Member States, the Philippines has the highest VAT and VAT-like rates among Southeast Asian countries.  To illustrate, while VAT in the Philippines is generally set at 12%, our ASEAN neighbors impose VAT at slightly or much lower rates as follows: Cambodia at 10%, Indonesia at 11%, Lao PDR at 7%, Thailand at 7%, and Vietnam at 10%. Additionally, three countries have VAT-like structures: Singapore with an 8% GST, Myanmar with a Commercial Tax of 5%, Malaysia with a three-tiered SST (10%, 5%, and 6%) and Timor-Leste with a two-tiered structure, with rates ranging from 0% to 5% for services tax and 0% to 2.50% for sales tax while Brunei does not impose VAT or similar taxes. The Philippines’ tourism industry continuous to grow and remains to be a key contributor in the nation’s economic stability and progress.  According to the latest data of the Department of Tourism (DOT), tourism revenues have soared from previous years, making the sector a significant driver of economic development, providing livelihood opportunities, particularly in rural and underserved regions. Recognizing the vital role the tourism sector plays, President Ferdinand R. Marcos, Jr. signed into law Republic Act No. 12079 or the Value-Added Tax (VAT) Refund Mechanism for Non-Resident Tourists Act (the “Act”) on December 06, 2024.  A priority measure, the Act aims not only to incentivizing foreign tourists to spend more in the country, but also to promote the Philippines as a premier global shopping destination.  By allowing VAT refunds to non-residents, the country aims to attract more tourists to shop and explore, benefiting both tourism and local businesses. Under the Act, non-resident tourists are now eligible to claim VAT refunds on their local purchases provided that the locally purchased goods: (i) are purchased in person by the tourist in duly accredited stores; (ii) are taken out of the Philippines by the tourist within sixty (60) days from the date of purchase; and (iii) have a value of at least Three Thousand Pesos (PHP 3,000.00) per transaction. While the Act is a welcome and long overdue legislation, there are serious concerns that must first be addressed before its full implementation. On fiscal adequacy, it is crucial to consider how the government intends to address the timing difference between the inflow of VAT payments from accredited vendors and the outflow of VAT refunds to tourists. As to administrative feasibility, it is essential to determine how transactions will be verified to avoid the refund of spurious and nonexistent transactions without imposing unnecessary burden on both the taxpayer and the government. As of this writing, the Department of Finance has yet to issue the Act’s implementing rules and regulations. These rules will aim to clarify the implementation and limitations of the law including the coverage of eligibility for VAT refunds, the accreditation process for vendors, logistics and administration of VAT Refunds, and the verification of transactions during refund.  While it is expected that the Department of Finance will consult the Department of Trade and Industry, Department of Transportation, Department of Tourism, National Economic and Development Authority, Bureau of Internal Revenue, and Bureau of Customs when drafting the implementing rules, it would be prudent to solicit inputs from private sector stakeholders as well. Overall, the VAT refund mechanism is a strategic move to make the Philippines an even more attractive destination for tourists and global shoppers. Proper implementation is crucial to ensure the law’s success, addressing fiscal adequacy and administrative feasibility to avoid any potential issues. By ensuring a smooth and efficient VAT refund process, the country can maximize the benefits for both tourists and local businesses. So, whether you're looking for local crafts, fashion, or electronics, there's now an extra incentive to shop in the Philippines. With refunds, it’s definitely more fun in the Philippines! Source: https://gorricetalaw.com/its-more-refund-in-the-philippines-a-vat-refund-legislation-for-foreign-tourists/

By Atty. Micaela Kristina Galvez & Atty. Mark Gorriceta February 28, 2025 – There is growing complexity and competitiveness in brand management in the global market. While trademarks are the foundation of brand identity, domain names have become increasingly significant in brand management. Domain name disputes involve a complex intersection of issues concerning intellectual property rights and cybersecurity. The World Intellectual Property Organization (WIPO) has reported a steady rise in domain name disputes. In 2023, there were 5,928 complaints filed under the Uniform Domain Name Dispute Resolution Policy (UDRP), a 7-percent increase from 2022. It is inevitable that, as the Philippines sees exponential growth in its digital economy, players in the market likewise face an increasing risk of trademark dilution due to poor domain name management. Businesses are prone to suffer in fighting cybersquatting and domain name hijacking. Cybersquatting Cybersquatting means registering domain names to profit, mislead, destroy the reputation of others, or deprive others from registering the same name. While there is no express protection against this practice in the Intellectual Property Code of the Philippines or Republic Act (RA) 8293 (IP Code), the Cybercrime Prevention Act of 2012 or Republic Act (RA) 10175 may fill in the gap by prohibiting and penalizing such bad faith registration when there is intellectual property rights affected. Meanwhile, domain hijacking occurs when cybercriminals gain unauthorized access to an entity’s domain name, often through hacking or fraudulent domain transfer requests. This allows the hijacker to commit various crimes, including trademark infringement and unfair competition, depending on the circumstances. Unfortunately, the Cybercrime Prevention Act lacks clear language to prohibit and penalize it. Nonetheless, insofar as trademarks and business identifiers are diluted through domain hijacking, such conduct may qualify as trademark infringement or unfair competition, which is prohibited in the IP Code. In view of these unlawful practices, brand managers must remain vigilant in monitoring unauthorized use of their brand names, logos, and overall brand identity. Failure to address impersonation and similar threats can significantly harm a business’ reputation and market position. Although legal remedies exist to combat cybersquatting and domain hijacking, swift action is nonetheless essential to prevent long-term damage. Proactively registering relevant domain variations and actively monitoring the online landscape can further enhance a brand’s defenses against these vulnerabilities. Businesses often struggle to maximize their brand potential due to inadequate planning. While the IP Code provides exclusive rights to trademark owners, registrants of domain names do not enjoy the same legal protection. The global domain name system has evolved as a private initiative, rather than through a formal treaty or legal framework. Consequently, domain name disputes are typically addressed through the Uniform Domain Name Dispute Resolution Policy, which is widely adopted by domain name registrars. This policy serves as a critical mechanism for resolving conflicts over domain ownership and usage. The differences in regimes for trademarks, on one hand, and domain names, on the other, reveal that there are various protections that may be applied in a brand. Businesses are thus encouraged to maximize these regimes, by considering the following: Before establishing a brand, conduct trademark and domain name searches; Prioritize registering your trademark before acquiring a domain name; When entering into licensing agreements involving brands, ensure that provisions governing conduct concerning both trademarks and domain names are included.   Sources: https://www.manilatimes.net/2025/02/28/business/top-business/how-businesses-can-protect-their-brand-names/2064185

The Board of Trustees of the Global AI Council – Philippines convened during the Manila Tech Summit at the Marriott Grand Ballroom in Pasay City. The event brought together some of the nation’s leading technology, business, and government leaders, united in their mission to promote artificial intelligence (AI) education and innovation in the country. The Global AI Council – Philippines is composed of esteemed professionals, including Atty. Mark Gorriceta, Managing Partner at Gorriceta Africa Cauton & Saavedra; tech investor Brian Poe Llamanzares; Donald Lim, President of DITO CME Holdings; Undersecretary Anton Mauricio, General Manager of the National Development Company (NDC); Vanessa Tanco-Reyes, President & CEO of iAcademy; and Catz Jalandoni, an international events producer and consultant. Together, this group is spearheading the Philippine chapter of the Global AI Council, a US-based initiative dedicated to advancing “AI for Good” around the world. As part of the summit, the Council discussed strategic initiatives aimed at making the Philippines a leader in AI development and responsible innovation. The Global AI Council – Philippines seeks to foster collaboration between the private sector, academic institutions, and government agencies to accelerate AI adoption in key industries, create new job opportunities, and ensure the country stays at the forefront of AI-driven technological advancements. Atty. Mark Gorriceta emphasized the importance of using AI to address local and global challenges. The Council also highlighted its role in promoting AI education across various sectors, with plans to launch training programs, workshops, and public awareness campaigns to better equip the workforce with AI-related skills. These efforts align with the Council’s broader mission to contribute to the global "AI for Good" movement, which aims to use artificial intelligence to solve pressing global issues, from climate change to healthcare innovation. The Manila Tech Summit provided a platform for collaboration, networking, and showcasing the latest in AI technology, further supporting the Council's goal of promoting a culture of innovation and progress. The Global AI Council – Philippines remains steadfast in its vision of transforming the nation’s technological landscape and ensuring that AI contributes to positive societal impact. Link: https://www.facebook.com/gorricetalaw1/posts/pfbid0TZCf9bTsbxkzaXXzLHzn3UmhMNwmhSZxeVbcQUho6J4FeBnLGmKXaM22y3GhcTFrl

The Annual Asia FinTech Awards 2024, held at Andaz by Hyatt in Singapore, brought together the brightest minds in the fintech and financial services industries to celebrate the region’s most innovative advancements.Among the esteemed panel of judges was Atty. Mark S. Gorriceta, Managing Partner of Gorriceta Africa Cauton & Saavedra, who had the honor of serving as a distinguished judge at the prestigious event. The Asia FinTech Awards, a highlight of the fintech calendar, recognizes and celebrates the trailblazers, disruptive technologies, and forward-thinking companies shaping the future of financial technology across Asia. Atty. Gorriceta, a well-respected expert in fintech law, joined top leaders from across the fintech ecosystem to evaluate nominees across a wide range of categories, assessing groundbreaking achievements and innovations. The event celebrated not only technological innovation but also leadership, sustainability, and excellence in fintech. The awards serve as a platform to spotlight the companies and individuals driving the future of finance in Asia. For Atty. Gorriceta, participation in the Annual Asia FinTech Awards was an opportunity to stay at the forefront of fintech innovation and further strengthen his firm's position as a leader in fintech law and advisory services. Link: https://www.facebook.com/gorricetalaw1/posts/pfbid02acJTfZoTr1gWw2sfJ4EYUb5VqUykBMQZVafWLwZ5tVn5aJZFRRJbYZRVuHfQjHu9l https://www.facebook.com/gorricetalaw1/posts/pfbid02acJTfZoTr1gWw2sfJ4EYUb5VqUykBMQZVafWLwZ5tVn5aJZFRRJbYZRVuHfQjHu9l  

Gorriceta Africa Cauton & Saavedra is proud to announce a strategic partnership with BIHASA, a highly regarded consulting firm specializing in Environmental, Social,and Governance (ESG) frameworks and sustainability solutions. This collaboration enhances the firm’s ability to provide clients with innovative guidance on sustainable business practices and corporate responsibility. Led by Managing Partner Atty. Mark S. Gorriceta and Partner Atty. Kristine T. Torres, who heads the firm’s ESG and Project Finance practice groups, this partnership exemplifies Gorriceta’s ongoing commitment to empowering clients in achieving their sustainability objectives. They are joined in this initiative by Partner Atty. Micaela Kristina Galvez and Junior Partner Atty. Edrian M. Apaya. On the BIHASA side, the partnership will be spearheaded by COO Leah Caringal and Sustainability Manager Maria Zunally Rapada. Through this alliance, the firm aims to deliver a comprehensive suite of services designed to help companies assess their readiness for ESG integration and propel their sustainability initiatives. This strategic partnership not only bolsters the firm’s ESG capabilities but also equips clients to confidently navigate the rapidly evolving landscape of sustainable business practices. The collaborative team will work closely with BIHASA to offer tailored solutions that prioritize long-term resilience, regulatory compliance, and leadership in sustainability. By embedding ESG principles into their operations, clients can ensure they remain ahead of regulatory demands while promoting responsible corporate behavior. This initiative underscores Gorriceta Africa Cauton & Saavedra’s proactive approach to addressing emerging trends in corporate governance and sustainability. Link: https://web.facebook.com/gorricetalaw1/posts/pfbid027kXaUEyyuDXNXu7giUczpPx9F1zKktPMf9FAbjeZqutC49oR6VBTTa787eoWKu4Nl?rdid=DLo5u8qmSnWH1n2h      

In a heartwarming demonstration of community commitment, Gorriceta Africa Cauton & Saavedra and the Gorriceta Law Foundation, in collaboration with Teach for the Philippines, delightedly announce the successful donation and installation of a brand-new playground at the Quezon City Government Day Care and Livelihood Center. The event was graced by Quezon City Mayor Joy Belmonte, highlighting the collective effort to enhance local resources and provide a brighter future for children in the community. This playground installation is part of Gorriceta’s “Road to 10” initiative, which leads up to the firm's 10th anniversary in 2025. The “Road to 10” reflects Gorriceta’s ongoing commitment to educational and charitable initiatives aimed at empowering children through innovative and sustainable efforts. As a firm deeply committed in promoting child welfare and education, Gorriceta continues to channel its resources and expertise toward community-building efforts that foster growth, creativity, and learning. The newly installed playground offers a safe, stimulating, and fun environment where children can explore, play, and socialize. Designed with the aim of promoting physical activity, creativity, and social interaction, this new space aligns with Gorriceta’s advocacy to drive change through education and community development. Dubbed as the "Gift of Play," the playground will serve as a cornerstone of joy and growth for the children at the day care center, fostering both mental and physical well-being. Mayor Joy Belmonte expressed her gratitude during the event, acknowledging the importance of creating such safe spaces for the city’s children. As Gorriceta approaches its milestone 10th anniversary in 2025, the firm remains steadfast in its dedication to supporting the education and development of future generations. Through its charitable initiatives, such as the "Gift of Play," Gorriceta aims to bring countless moments of happiness to children and create long-lasting, positive change in the communities it serves. Link: https://www.facebook.com/gorricetalaw1/posts/pfbid02DKno1NdyiYiNNLtHteGpZr79QNQxwXak6pewhQhAF9mjtwPbwWhixpXT8sWjfuNSl        

Gorriceta Africa Cauton & Saavedra, in collaboration with The Legal 500, proudly hosted the GC Corporate Governance and Compliance Forum: Philippines 2024 on September 24, 2024,at the prestigious Manila House Private Members Club in Bonifacio Global City (BGC). This significant event gathered leading legal professionals and industry experts to engage in critical discussions surrounding corporate governance challenges faced by organizations in the Philippines today. The forum featured three insightful panels: PANEL 1: Strengthening Governance Foundations - Corporate Governance Compliance, ESG Standards, and M&A Best Practices Atty. Kristine T. Torres, Partner at Gorriceta Africa Cauton & Saavedra Atty. Amabelle Asuncion, Chief Legal Officer and Chief Compliance Officer at Manila Water Company Inc Atty. Maria Corazon Alvarez – Adriano, Chief Legal Officer at GCash Mr. Roderick Danao, Chairman and Senior Partner at PwC Philippines Ms. Cheryl Tay, Market Intelligence Sustainability Solutions Sales Specialist at S&P Global PANEL 2: Optimizing Governance Foundations - Navigating Anti-Money Laundering, Taxation, and Financial Consumer Protection Best Compliance Practices Atty. Daniel Luis P. Macalino, Officer-in-Charge of the Securities and Exchange Commission’s Anti-Money Laundering Division Atty. Vincent Paul L. Saavedra, Senior Partner and Head of the Tax Group at Gorriceta Africa Cauton & Saavedra Atty. Micaela V. Galvez, Partner and Head of the Intellectual Property Group at Gorriceta Africa Cauton & Saavedra Atty. Roberto L. Figueroa, Senior Vice President & General Counsel at HSBC Atty. Edrian M. Apaya, Junior Partner at Gorriceta Africa Cauton & Saavedra PANEL 3: Ensuring Data Privacy Leadership in a Data-Driven Economy - Frameworks and Strategies in Data Governance Atty. Anthony Edsel Conrad Tupaz, Senior Partner at Gorriceta Africa Cauton & Saavedra Deputy Commissioner Leandro Angelo Aguirre, National Privacy Commission Mr. Gordon Wade, Lead Regulatory Privacy Counsel for Middle East and North Africa, Asia-Pacific, and South East Asia at TikTok Mr. John Christopher Retardo, Head of the Data Privacy Office at PayMaya Philippines, Inc. Atty. Liane Stella Candelario, Senior Associate at Gorriceta Africa Cauton & Saavedra Each panel featured distinguished experts who provided valuable insights into these pressing issues, equipping attendees with practical strategies to navigate the complexities of governance in their respective fields. Moreso, attendees had the unique opportunity to network with top legal minds, share experiences, and discuss innovative solutions to current governance challenges. The forum served as a platform for collaboration among legal professionals, business leaders, and policymakers committed to advancing governance practices in the Philippines. “In this era of rapid change and uncertainty, Philippine businesses are confronted with a multitude of risks that challenge their operations and decision-making processes. The fast pace of technological developments, growing call for ESG compliance, and the dynamic regulatory environment are issues that businesses must continually address. As we gather here today, it’s essential to recognize that running a successful business now requires a proactive approach to anticipating risks and establishing robust compliance frameworks,” said Atty. Mark Gorriceta. Link: https://web.facebook.com/gorricetalaw1/posts/pfbid0qKLpnbJ8w3EkQ6G1VyGQxcVzHkLj7c49n3gLZ1hHxn5aL4h9h57LuY7FJHMEBUjYl?rdid=reTbyfLKrd05zlYD  

Gorriceta Africa Cauton & Saavedra proudly announced the opening of its new wing, aptly named "The Summit," as part of its Road to 10 celebration, marking a decade of excellence in 2025. The new wing represents the firm’s significant growth and its continued commitment to innovation, collaboration, and legal excellence. The inauguration event, held on October 10, 2024, was marked by a ceremonial ribbon cutting, followed by a keynote address from the Managing Partner, Mark S. Gorriceta. He reflected on the firm's journey, from its humble beginnings in a 40-square-meter office with just five lawyers in 2015, to its current 1,000-square-meter workspace spread across three floors, accommodating 50 legal professionals and a total of 100 staff members.  "As we open the doors to this remarkable space, we are also opening the doors to new opportunities, partnerships, and triumphs. We are excited about what the future holds and are grateful to have all of you with us in this journey," said Gorriceta during his speech. The event was graced by notable guests of honor, including Senator Pia Cayetano, Makati Mayor Abby Binay, National Privacy Commission Deputy Privacy Commissioner Leandro Angelo Aguirre, and Tourism Promotions Board COO Marga M. Nograles. Other esteemed attendees included DM Wenceslao Group CEO Delfin Angelo Wenceslao, Creador Managing Director Omar Mahmoud, Metro Pacific Tollways Corporation CEO Christopher Lizo, and prominent actor Mr. Dingdong Dantes. Senior officials from the Department of Trade and Industry, Department of Information and Communications Technology, Department of Education, and the Securities and Exchange Commission were also present, reflecting the firm's wide network of public and private sector partners. As the firm approaches its 10th anniversary in 2025, this expansion underscores its continued leadership in key areas such as technology, data privacy, cybersecurity, fintech, and corporate law. "The Summit" is a testament to Gorriceta Africa Cauton & Saavedra's long-standing values of collaboration, excellence, and innovation, which will drive its future success. Link: https://web.facebook.com/gorricetalaw1/posts/pfbid09anoQfErdx5G3SwZW4aYapGEnuXUTAauoAvZ4VmKoiH5uNKTcj8dxVvcHD32h7rSl?rdid=zJxHEw4eFdB37KHN  

Gorriceta Africa Cauton & Saavedra, in partnership with leading Philippine tech organizations, successfully hosted PH Tech Connect, a networking event designed to foster connections and collaboration among Filipino tech founders, innovators, and enthusiasts based in Singapore. Managing Partner Mark S. Gorriceta and Senior Partner Edsel Tupaz, alongside Partners Kristine Torres and Mica Galvez, represented the firm at this gathering of industry leaders and forward-thinking professionals. Held at Alegria in Singapore, the event attracted a distinguished group of supporters, including the Fintech Philippines Association, Fintech Alliance PH, Blockchain Council of the Philippines, Go Digital Philippines, Global AI Council Philippines, Manila Angel Investors Network (MAIN), and the Data Center Association of the Philippines. These key organizations played an instrumental role in fostering connections within the tech community, providing valuable insights into the region’s evolving trends in fintech, blockchain, investments, and artificial intelligence. The evening featured engaging discussions, valuable networking opportunities, and a shared vision for advancing the Philippines' role in the global tech landscape. Attendees explored key topics driving innovation in today’s tech ecosystem, ranging from startup growth and investment to the integration of cutting-edge technologies in finance and digital infrastructure. PH Tech Connect highlighted Gorriceta’s commitment in supporting the growth of Filipino tech entrepreneurs and innovators on the global stage. By uniting top talent and key industry leaders, Gorriceta continues to drive collaboration and advancement for Filipino technology and innovation. Source: https://www.facebook.com/mainph/photos/just-8-days-to-go-until-ph-tech-connect-join-us-on-november-6-2024-at-6-pm-in-si/1022206253251536/?_rdr https://www.linkedin.com/posts/gorricetalaw_ph-tech-connect-1-of-2-gorriceta-activity-7260814461093990400-URR-/?utm_source=share&utm_medium=member_android

Singapore EXPO — At the 9th annual Singapore FinTech Festival (SFF2024), Gorriceta Africa Cauton & Saavedra reinforced its standing as a forward-thinking leader in the FinTech industry.Managing Partner Mark S. Gorriceta and Senior Partner Edsel Tupaz, along with Partners Kristine Torres and Mica Galvez, represented the firm at this global event, where industry leaders, policymakers, and tech pioneers gathered to explore transformative developments in finance. The festival, organized by the Monetary Authority of Singapore in collaboration with Elevandi Constellar, and the Association of Banks in Singapore, attracted over 66,000 participants from 150 countries. This year’s sessions focused on the future of finance, exploring key themes such as AI, quantum computing, and digital assets, while emphasizing the need for secure and efficient frameworks to manage data processing in the financial sector. Green finance and ESG principles took center stage, highlighting FinTech's role in sustainable economic development. Leaders emphasized the importance of aligning FinTech innovations with global sustainability goals, particularly in the realms of tokenization and digital assets. Gorriceta’s active participation reaffirmed its dedication to guiding clients through the evolving regulatory and technological landscape, aiming to foster safe and responsible innovation in FinTech, data, and other leading technology initiatives.   Sources: https://www.facebook.com/gorricetalaw1/ https://www.linkedin.com/posts/gorricetalaw_sff2024-activity-7260940712290983937-6Nh5/?utm_source=share&utm_medium=member_android  

Gorriceta Africa Cauton & Saavedra is proud to announce its recent recognition by Legal Media 360 for exceptional performance across several key practice areas, including Capital Markets, Banking & Finance,Corporate M&A, Dispute Resolution, Intellectual Property, Labour & Employment, Energy & Infrastructure, and Tax. This acknowledgment underscores the firm’s dedication to excellence and its significant contributions to the legal landscape in the Philippines. This accolade is a testament to the relentless efforts and expertise of the firm’s partners and legal professionals, who have consistently delivered outstanding service to clients. With a reputation for a strategic approach and a commitment to personalized client service, Gorriceta Africa Cauton & Saavedra has established itself as a trusted partner for businesses navigating complex legal challenges. Whether handling high-profile mergers, intricate disputes, or regulatory compliance, the firm’s adeptness and adaptability ensure top-tier outcomes for its diverse clientele. As the firm continues to expand its footprint in the legal industry, it remains committed to providing high-quality legal services while fostering strong, long-term relationships with clients. With an unwavering focus on achieving the best possible results, Gorriceta Africa Cauton & Saavedra is poised for continued success in the evolving legal landscape. Link: https://web.facebook.com/gorricetalaw1/posts/pfbid029hfpVSXbXvecwk7XL2z5nYSoNHNnUfkCG7k7wHMtxwvaGUXF9dDKLupYP5Z4DsB7l?rdid=Umyi0txxQxMEaV8Q      

Gorriceta Africa Cauton & Saavedra (Gorriceta) is proud to announce that six of its esteemed partners have been named among the Top 100 Lawyers in the Philippines, as part of the prestigious Asia Business Law Journal’s A-List for 2024. This recognition highlights the firm’s continued excellence in the legal profession and its significant contributions to the industry. The A-List honorees from Gorriceta are as follows: Mark S. Gorriceta, Managing Partner | Corporate Group - Head | TMT Group - Head Lucas Niccolo M. Cauton III, Senior Partner Vincent Paul L. Saavedra, Senior Partner | Tax Group - Head Edsel F. Tupaz, Senior Partner | Data Privacy, Cybersecurity and AI - Head Ramon Andre F. Cedro, Senior Partner | Labor Group - Head Kristine T. Torres, Partner | ESG and Project Finance Group - Head These distinguished lawyers have been recognized for their outstanding legal expertise, professionalism, and commitment to delivering top-tier legal services across various industries. Their inclusion in the A-List reflects not only their individual accomplishments but also Gorriceta's reputation as a leading law firm in the Philippines and across Asia. The Asia Business Law Journal’s A-List is one of the most highly regarded legal accolades in the region, celebrating lawyers who have made significant impacts in their fields and upheld the highest standards of legal practice. The A-List is compiled through nominations and feedback from clients, in-house counsels, and peers in the legal community, making this recognition particularly meaningful for its emphasis on trust and respect within the industry. Gorriceta is a top-tier distinguished legal powerhouse that is internationally ranked and recognized for its expertise in Corporate and Commercial Law, Mergers & Acquisitions, Technology Media & Telecommunications, Banking and Finance, Taxation and Data Privacy. As a full service law firm, Gorriceta earned international recognition in various practice areas. It is renowned for delivering industry-leading, business oriented, and innovative legal solutions tailored to the needs of its clients, which sets it apart in the legal industry. Considered as the fastest growing law firm in the Philippines, Gorriceta has nearly 50 professionals and a total complement of 100, and continues to expand its legal foot print. Through its partner firm, Yusarn Audrey, Gorriceta has presence in Singapore, Malaysia and Thailand.   Link: https://web.facebook.com/gorricetalaw1/posts/pfbid0Y4KeZhkof676K49RRVdruJvS3YWAaeuNoy7Zb1Az6rrP2fjkVNzGx8ALWYdAkinGl?rdid=XXgiAHqlYA2YeeDR