The Philippine Stock Exchange or PSE has recently adopted two

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2 Legislation Guide legislation guide By Agustin R. Montilla IV Romulo Mabanta Buenaventura Sayoc & de los Angeles Tel: Fax: Website: The Philippine Stock Exchange or PSE has recently adopted two measures intended to improve both liquidity and transparency of the onshore equity market. The PSE has also issued a warning of its impending re-imposition of another long suspended rule. Each of these developments presents opportunities for advisers, investors and managers covering the. The rule changes clarify the regulatory regime for the Philippine equity capital markets and should spur further activity in a market that looks to be continuing recent advances. In the past two years, the has been among jurisdictions where trading volumes and values have markedly increased. Between 2009 and 2010, domestic market capitalisation on the PSE increased The rule changes clarify the regulatory regime for the Philippine equity capital markets and should spur further activity in a market that looks to be continuing recent advances by over 80% and the value of trades done by over 50% according to the World Federation of Exchanges. It also ranked the PSE index eight among the world s Top 10 market indexes by performance in 2010, having added 37.6%. The PSE is preparing all listed companies, brokers and custodians to face the task of maintaining and for many companies, the challenge is simply reaching the required 10% minimum public ownership level. The has had historically high business ownership concentration levels and the PSE has had to effectively suspend any real public ownership rule since the 1990s. Listed companies have until November to meet or exceed the 10% minimum. Compliance will be determined based on the PSE s previously issued guidelines for public ownership levels of listed companies, which generally excluded interests that hold more than 10%. However, holdings of pensions and mutual funds are considered public for as long as the holdings are not in the pension fund s employing company or its affiliates. This creates a rationale for listed companies in the to expand their shareholder base through private placements or follow-on offerings. There have been a few private placements since 2010, most recently that of Metro Pacific Investments Corporation (MPI:PM). But market volatility has affected the follow-on market following San Miguel Corporation s (SMC:PM) US$850 million follow-on offer last April. Falling outside the PSE s free float requirement would lead to a fine based on the listing fees payable by the company and the amount of time that the 10% minimum is not met. That could result in a penalty of up to three times the normal listing fee. The other steps taken by the PSE have been to issue guidelines for fairness opinions and valuation reports and to issue amendments to its rules on listing without a prior public offer, or what is known as a listing by introduction. The fairness opinion rules provide standards for independence and content. In addition, the PSE now requires that issuers of valuation reports and fairness opinions must be accredited by the PSE. Such accreditation needs to be renewed every year. Most major investment banks and advisers have already obtained accreditation, as such reports and opinions are a key component to mergers and acquisitions as well as listings by introduction. Accreditation, while not overly burdensome, is not without its own set of requirements. Among them, a firm needs to show a steady client base and at least five engagements in the last five years. The revised rules on listing by introduction have now introduced the concept of an initial listing price supported by a fairness opinion. In addition, the new rules strengthen the previously soft requirement for a company that listed by introduction to conduct a public offer by providing for a combination of sanctions. These included suspension, a fine equivalent to the annual listing fee, and a buy-back of shares prior to delisting. The delisting penalty also applies to a company listed by introduction that is then used as a backdoor route to listing a different business without a public offer. The new rules strengthen the previously soft requirement for a company that listed by introduction to conduct a public offer by providing for a combination of sanctions With a new Congress that has barely completed one year in office, the regulatory focus on the has been the effect of the Supreme Court s recent ruling in Gamboa vs Teves, issued on June This found the corporate structure of Philippine Long Distance Telephone Company (PHI:US/TEL:PM) to be non-compliant with the nationality requirements for utility companies. The court clarified in its decision that, in determining compliance with the Philippine Constitution s nationality requirements, only shares that are entitled to vote for directors should be considered. This development means clearer options for businesses and their structuring advisers. The decision remains subject to the outcome of various motions for reconsideration. 404

3 Banking & Finance Castillo Laman Tan Pantaleon & San Jose Picazo Buyco Tan Fider & Santos PJS Law Tier 3 Siguion Reyna Montecillo & Ongsiako Romulo Mabanta Buenaventura Sayoc & De Los Angeles We see Romulo Mabanta Buenaventura Sayoc & De Los Angeles across the table from us, and the lawyers have always been sharp and great to work with. The firm is definitely top notch material, says one peer. The firm s ability on securities is especially good. RMBSA s banking practice is a traditionally an important player in the banking and finance sector and is well respected in the Philippine legal market, with special praise reserved for practice head Jose Salvador Mirasol. Peers note that Mirasol has a formidable reputation within the banking community, and possesses excellent legal expertise. In the last year, the firm has acted for large multinational banks such as Credit Suisse, BNP Paribas and Deutsche Bank. is one of the premier firms in the and has vast experience with bond issuances and other banking and finance transactions. Clients and peers alike agree that SyCip is a top tier firm for both expertise and service. In one landmark transaction, partner Jose Ma G Hofileña advised joint deal managers HSBC, BPI Capital, First Metro and the Land Bank of the in the largest bond swap programme. The government issued PhP200 billion (US$4.7 billion) in 25- and 10-year treasury bonds, which created a liquid long Banking & Finance term benchmark that will assist the development of the domestic capital market. Hofileña is a favourite of clients. He possesses the most sophisticated understanding of project finance in the, says one client. When I work with him on international deals, people recognise him. He has a global reputation. Castillo Laman Tan Pantaleon & San Jose Castillo Laman Tan Pantaleon & San Jose maintains a prestigious list of international clients that comprises Asian Development Bank, Jardine Matheson and the International Finance Corporation. Of all of Castillo s talented banking and finance lawyers, peers and clients alike single out partner Mel Macairag for praise. He is an important figure in the legal market here, and always looks out for the interests of his clients, says one peer. He is a tough negotiator, but is well respected. In one of the firm s largest transactions this year, it acted as local counsel to the International Finance Corporation regarding an investment in Rizal Commercial Banking Corporation. Picazo Buyco Tan Fider & Santos Picazo Buyco Tan Fider & Santos should be considered a top contender in the rankings every year, says one competitor. The firm is especially active in the banking area, in which it has completed several large bond and note issuances this year. Banking partner Gabriel Dee is noted by peers and clients alike for his exceptional ability. With partners such as Gabriel on board, the firm should only be looking upwards, says one peer. Picazo Buyco acted for the issuers SMC Global Power Holdings on an issue of 7.0% notes due This transaction was completed in January 2011 and valued at US$300 million. PJS Law PJS Law has an outstanding project finance practice that specialises in energy deals that have dominated the Philippine legal market in the last year. The firm s growth is accelerating, and it has hired over 10 associates across its banking and project finance practices to handle the increasing workload. The firm is working in conjunction with KPMG Manabat Sanagustin & Co to assist the Asian Development Bank s initiative to establish a Philippine institution similar to India s Infrastructure Finance Company (IDFC) or the Indonesian Infrastructure Financing Facility (IIFF). The new institution will help 405

4 Banking & Finance facilitate and finance public private partnership (PPP) infrastructure projects, and could profoundly reshape the project finance industry in the. Though its litigation practice often steals the spotlight, banking and finance practice is a popular choice for many clients in the Philippine market. In one highlight transaction, partner Alexander Poblador is acting for United Overseas Bank, a subsidiary of Singapore s United Overseas Bank, in issues from its sale of over PhP1 billion in non performing loans and other assets to a special purpose vehicle. Poblador also assisted a client in procuring a US$1 billion credit facility from an international bank and represented the Bank of Commerce in handling large delinquent accounts. has added to its bench of talent this year, luring associates from Indonesia s Makes & Partners and KPMG Manabat Sanagustin & Co. is very well known for its capability in finance, especially projects work and energy matters, says a competitor. The firm s banking practice has acted for First Gen Corporation on several transactions this year. For example, in one transaction, name partner Roderico Puno assisted in securing a US$142 million term loan facility. In a second matter, he acted as borrowers counsel on a note facility comprising two tranches that would allow the company to borrow up to US$100 million from Philippine bank BDO. Quisumbing Torres is well regarded for its integrity, and clients appreciate its commitment to avoiding bribery and corruption. [The firm] is well known in the industry as a firm who sticks fast to its principles, says one client. The firm s banking and finance group is led by partner Felix Sy, a fixture in Manila s legal community. Clients describe him as a capable and professional legal mind. Sy acted for Korea Electric Power Corporation (KEPCO) in conducting due diligence on its acquisition of a British corporation that holds a minority interest in two power companies in the., also known as ACCRALAW, is especially known for its litigation practice. However, its exceptional project finance team, which is led by senior partner Francisco Ed Lim, also garners accolades. Lim only returned to the firm midway through 2010 after a six year tenure as the President and CEO of Securities Clearing Corporation of the. But he re-established himself quickly in the firm and is already taking part on a number of large project financing deals, especially in the energy sector. The firm provides tailor fitted contracts and agreements that take into account not only basic requirements of the law but also the nuances of each transaction, says one client of. Although the firm is best known for its litigation capability, its banking and finance practice is also strong. In one highlight transaction, partners Manuel L Manaligod Jr and Franchette M Acosta advised colead underwriter Unicapital Securities on the IPO of IP Converge Data Centre, which listed on the Philippine Stock Exchange. Corporate / M&A Picazo Buyco Tan Fider & Santos PJS Law Tier 3 Castillo Laman Tan Pantaleon & San Jose Siguion Reyna Montecillo & Ongsiako Romulo Mabanta Buenaventura Sayoc & De Los Angeles global reputation means that it is the choice of many corporations that are regional powers or international household names. It also garners respect from peers. One 406

5 competitor notes: We see the firm across the table from us, and the lawyers have always been sharp and great to work with. In a key transaction this year, well regarded partner Perry Pe advised Lotte Chilsung Beverage, a beverage manufacturing company and a member of Korea s Lotte Group, in the acquisition of a 34% controlling stake in Pepsi Cola. The deal, completed in October 2010, was valued at PHP3.9 billion (US$91 million). What I like about this firm is that it doesn t use personal relationships or favours to get ahead, because those change, says one client. It relies on good work and the lawyers own personal knowledge. SyCip is the largest law firm in the, and one of the few with an international reputation. Clients particularly appreciate the firm s emphasis on integrity. A highlight for the firm is its representation of the Philippine Long Distance Telephone Company (PLDT) in its acquisition of 51% of the shares of Digital Telecommunications (Digitel). PLDT is expected to acquire Digitel for PhP74.1 billion, which is the largest buyout in corporate history. Although the firm is perhaps best known for its litigation practice, the banking and corporate practice is an up and coming player in the Philippine market, says one peer. Partner Judy Hao has acted for San Miguel on two acquisitions of transportation infrastructure companies this year. In the first, San Miguel invested in Universal LRT Corporation, which has the right to finance, design, construct and commission the MRT Line-7 project. The other matter involved San Miguel s purchase of 97% of the capital stalk of the Caticlan International Airport Development Corporation. This corporation possessed the rights, from design to construction to operation, of the Caticlan airport. Picazo Buyco Tan Fider & Santos Picazo Buyco Tan Fider & Santos should be considered a top contender in the rankings every year, comments one peer. With compliments like these, it is no surprise that the firm frequently works for large regional and multinational corporations. Although it is better known for its banking prowess, the firm has a solid M&A practice led by founder and managing partner Antonio Picazo. Antonio Picazo has a brilliant legal mind, notes one competitor. Important clients include National Grid Corporation of the, Kirin Brewery, Toyota and Mitsubishi. Corporate / M&A The firm also frequently provides advice to regulators, such as the Securities and Exchange Commission. PJS Law We ve worked with many firms in the market, but only a few are comparable to PJS Law, says one client. The firm is a force in the Philippine market, and has added a handful of associates this year to increase its capacity. It is especially active in representing foreign companies in their acquisition of Philippine energy entities. In one deal, partner Regina Jacinto Barrientos is representing Korea Water Resources in its US$441 million bid for the acquisition of a 246MW Angat Hydroelectric Power Plant. This is under the privatisation process by Power Sector Assets & Liabilities Management Corporation. The level of technical expertise and innovation exhibited by was outstanding, especially given the limited time available, the confidentiality required, and the due diligence provided, says one client. Partner Gilbert Reyes also earns plaudits from clients. One says: [He] acted with utmost professionalism, more so during a difficult period over the holidays, and with utmost confidentiality. The firm s involvement in Top Frontier Investment Holdings cross investment agreement with San Miguel Corporation was a highlight this year. Partner Raymund Rodriguez, head of the firm s M&A practice, and partner Alexander Poblador advised Top Frontier Investment in a transaction worth PhP64.3 billion. Although the bulk of s work is related to energy and project finance, the firm completes a substantial amount of M&A work, usually for power related clients. Well regarded partner Roderico Puno heads the firm s corporate practice, which comprises both M&A and project finance work. In the firm s largest M&A deal this year, partner Elizabeth E Peralta Loriega led Aboitiz Renewables and Luzon Hydro Corporation in their divestment of all interests in Pacific Hydro Bakun in Luzo Hydro Bakun. This large exit involved shares and US$12 million in shareholder advances in Luzo Hydro Bakun, as well as divestment of all shares held by Pacific Hydro Tagoloan in Tagoloan Hydro Corporation. Clients and peers laud Quisumbing Torres for its 407

6 Corporate / M&A international connections obtained through its membership in Baker & McKenzie s network. The firm s global contacts mean it is an obvious choice for many multinational corporations. The firm s focus on service is also notable. The firm s lawyers are highly accessible and always willing to deliver according to clients expectations, says one client. The firm is also proactive in updating clients with development issues and policies such as new laws and other statutes that would affect key industry sectors. Leading lawyers include head of the energy, mining and infrastructure practice, Pearl Liu, and head of the corporate and commercial area, Jocelyn Gregorio-Reyes. Other active firms Kapunan Castillo & Garcia Law Offices Kapunan Castillo & Garcia Law Offices has expanded its corporate practice, hiring four junior associates. In the firm s largest deal this year, it advised Lorca Holdings regarding the sale of a property worth PhP105 million and the acquisition of two condominium units worth PhP40.4 million. Ocampo & Manalo Name partner CT Ocampo of Ocampo & Manalo has handled several important M&A deals this year. Most notably, he assisted Professional Services (PSI), which operates Manila hospital Medical City, in its acquisition of hospitals in the and Guam. In another transaction, Ocampo advised food manufacturer CDO Foodsphere regarding assignment of ownership to minority shareholders. Construction & Real Estate Picazo Buyco Tan Fider & Santos Castillo Laman Tan Patanleon & San Jose ACCRALAW regained a key figure from its past when senior partner Francisco Ed Lim rejoined the firm following his tenure as the longest service President and CEO of the Philippine Stock Exchange. Upon his return, he immediately settled into his position as partner in the corporate and special projects department, the practice in which ACCRALAW s real estate and construction group is categorised. The firm s expertise on Reits is outstanding. For example, the firm is advising clients on two separate Reits, one for JP Morgan and Ayala Land and the other for Macquarie Capital Securities and SM Prime Holdings. An asset to the practice is the firm s strong litigation capability, which can assist clients with any kind of dispute that might arise from construction and real estate work. Picazo Buyco Tan Fider & Santos Although better known for its banking and finance practice, Picazo Buyco Tan Fider & Santos possesses a strong real estate practice that is led by partner Cynthia dela Paz. The real estate group has acted for corporations on several high profile projects, providing services on the acquisition, lease, development, and disposition of real estate. Paz is also highly regarded in the Philippine legal community as a member of the Tax Management Association of the and the UP Women Lawyers Circle. Romulo Mabanta Buenaventura Sayoc & De Los Angeles is one of the largest law firms in the, and 408

7 utilises its enormous resources to buoy its real estate and construction group. Aside from handling acquisitions, leases and divestures, the firm is also able to advise clients on financing infrastructure facilities because of its strong corporate practice. It specialises in particular on leisure and resort development projects. The expertise of name partner Joaquin Sayoc is highly recommended by peers and clients. Before joining Romulo, Sayoc was a legal assistant at the Housing & Land Use Regulatory Board. The largest full service firm handles all types of real estate and construction issues, but focuses mainly on complex deals and transactions. Head of the practice, partner Emmanuel C Paras, leads most of SyCip s important work in this area. For example, Paras assisted a buyer in the closing of an agreement to purchase a power plant in Cebu Province. This included both the acquisition of machinery and the land lease for the site. Partner Rafael L Encarnacion, who is a member of the firm s corporate practice, advised a multinational company regarding a long term lease in Fort Bonifacio. This was for an office building that would include processing facilities and a call centre. Castillo Laman Tan Pantaleon & San Jose Castillo Laman Tan Pantaleon & San Jose possesses a solid real estate and construction practice in line with its status as a mid size full service firm. Peers recommend the firm for this area on the basis of its strong project finance capability. Although the firm s real estate practice is subsumed into its large corporate group, it remains ranked because of its recent work and notable personnel. A leading figure at the firm is founding partner Polo Pantaleon, who is also involved in the firm s corporate law and banking and finance practices. Pantaleon specialises in financial transactions, particularly involving large infrastructure projects. The strong litigation practice at forms the foundation of most of its construction and real estate work, and is led by name partner Alexander Poblador. Poblador is representing property developer Ayala Land at the trial court level regarding a property ownership dispute regarding valuable land in Metro Manila. Partner Mario Luza Bautista is also advising Malayan Construction & Real Estate Insurance in an arbitration case in the Court of Appeals involving the interpretation of construction contracts to determine whether certain incurred costs are chargeable. The parties estimated costs differ by nearly PhP180 billion (US$4.3 billion). is well known for its prowess in project finance and is also generally strong in the corporate area, which is an asset to its real estate and construction practice. Partner Roderico Puno is head of the corporate department under which the real estate and construction area is categorised. Most of the real estate deals the firm has handled this year have involved M&A transactions. Partner Joseph Marigomen is representing Ausphil Tollways in its acquisition by Premier Capital Venture for PhP797 million. Name partner Regis Puno is also advising Rockwell Land in its PhP3.5 billion acquisition of a 36,000 square metre property, which it intends to develop into a residential condominium community. They are my go-to people, says one client of Quisumbing Torres. The firm s strong corporate practice and credibility is due to its membership in Baker & McKenzie s global network, and this has made the firm a strong choice for real estate work in the. Although the firm is better known for its IP and corporate practices, the Elizabeth Opena led real estate practice is conducting groundbreaking work in the development of Reits in the. Opena herself is a noted specialist in this area. Partner Pearl Liu, head of the Corporate and Commercial practice, is also a noted figure with years of expertise on real estate related M&A transactions. Other active firms Ocampo & Manalo Ocampo & Manalo s real estate capability is developing, and the firm advises clients such as Kajima, Jardine Distribution and BMU. In one highlight, the firm was appointed as the country representative of a large resort chain that is exploring business opportunities in the. It has also handled multiple contracts for Jardine Distribution and BMU this year. Puyat Jacinto & Santos Although Puyat Jacinto & Santos is best known for its project finance practice, the firm also possesses an active construction and real estate practice that is led by partner Virginia Viray. For example, Viray is advising an 409

8 Construction & Real Estate international fund regarding the management of its real estate investments. The work covers the full gamut of real estate work, including contract review, preparation of legal opinions, and preparation of sale and purchase documents. has represented clients involved in numerous high value cases this year. The most challenging and complex of these is its representation of Sagittarius Mines regarding due diligence on parcels of land in Davao del Sur or General Santos intended for a port or power plant. Over 100 parcels of land, each held by a unique owner, must be acquired to complete this acquisition. Dispute Resolution Tier 3 Platon Martinez Flores San Pedro Leaño ACCRALAW possesses a remarkably strong full service offering, but its standout area is dispute resolution. Its practice, which sits alone in the top tier, has been bolstered with over 15 new associates and the return of senior partner Francisco Ed Lim. Despite senior partner Teresita Herbosa s departure for a prestigious post as chair of the Securities and Exchange Commission, the outstanding depth and expertise of ACCRALAW s dispute resolution practice, as well as the return of Lim, means the practice remains in safe hands. In one landmark dispute, partners Victor P Lazatin and Gilbert D Gallos represented Smartmatic International in a Supreme Court petition that challenged the legality of the first automated election project. This eventually resulted in the first automated presidential and local elections in the. Lazatin, along with partners Oliver L Pantaleon and Arnold M Corporal, also advised Manila Electric in a dispute, now in the Court of Appeals, regarding a PhP14.3 billion (US$337 million) settlement between the company and National Power. Name partner Alexander Poblador, who heads the dispute resolution practice, is really good, says one practitioner. He is one of the best in the. This year, the firm has handled several large energy and infrastructure cases, including one high profile matter regarding petroleum seepage from First Philippine Industrial s oil pipeline. Partner Mario Luza Bautista led the defence of First Philippine Industrial Corporation. The Supreme Court has issued a Writ of Kalikasan in response to the seepage. This is a new type of writ designed to provide immediate redress on environmental issues. Poblador is also representing Mega Pacific esolutions regarding the impeachment trial of the Ombudsman of the Philippine Senate. This was partially caused by the multi-billion peso computerisation programme of the Commission on Elections. Mega Pacific esolutions was one of the companies involved in the consortium that computerised the elections., also known as CVCLAW, has been active in the dispute resolution area this year. The 12 partner practice includes name partner and former Solicitor General Simeon Marcelo, and the firm has represented prominent clients such as Bangko Sentral ng Pilipinas and First Philippine Industrial Corporation. Some of the largest disputes the firm has handled this year are tax related. For example, it is acting for Pilipinas Shell Corporation in several disputes against the Bureau of Internal Revenue and the Bureau of Customs. In the largest of these, Marcelo is representing the company in litigation regarding alleged unpaid excise taxes. Romulo Mabanta Buenaventura Sayoc & De Los Angeles RMBSA s dispute resolution practice is a huge asset to the firm s exceptional corporate capability. Although better known for its performance in areas such as banking and finance, the firm s its dispute resolution team is a standout in the Philippine market and is led by name partner Eduardo De Los Angeles. Partner Eduardo Hernandez advised Basic Energy Corporation in a dispute regarding offshore oil field contracts that had been signed in the 1970s. The contracts 410

9 were not comprehensive, and US$15 million was in dispute. The two parties are now in settlement talks. SyCip Salazar Hernandez & Gaitmaitan s litigation practice boasts high quality lawyers, says one client. This year, the practice has advised such high profile clients as the US Government, Wyeth, Mitsubishi Heavy Industries and BMW Group Asia. The firm handles all types of disputes through its Manila, Cebu and Davao offices, but is especially known for product liability suits. Its international arbitration practice is also growing. Other active firms Kapunan Castillo & Garcia Law Offices In a high profile case, Kapunan Castillo & Garcia Law Offices is representing the West Tower Condominium Corporation in its petition for a Writ of Kalikasan due an oil spill caused by corrosion in a nearby pipeline. A Writ of Kalikasan is a legal action that can be sought when an individual s constitutional right to a balanced and healthy ecology is threatened. The firm is acting against First Philippine Industrial and First Gen, which is represented by and Villaraza Cruz Marcelo & Angangco. Zambrano & Gruba Zambrano & Gruba s dispute resolution practice has this year advised high profile clients such as Fontana Development, Philippine National Bank, Philippine Airlines and De La Salle University System. In its largest case, the firm is working in conjunction with a Singaporean law firm to advise a group of Philippine banks in a dispute filed in the Singapore High Court involving US$294.4 million. Energy & Natural Resources PJS Law Dispute Resolution Tier 3 Carag Jamora Somera & Villareal Fortun Narvasa & Salazar Although Quisumbing Torres does not have a dedicated energy practice, its energy expertise is buoyed by its strong corporate and finance practice. Led by well regarded partner Felix Sy, the firm is regularly involved on landmark deals involving international parties because of its good reputation and strong connections as a Baker & McKenzie member firm. Sy advised KEPCO in conjunction with Baker & McKenzie s Hong Kong team on the legal due diligence of its acquisition of a British holding company that owned minority stakes in two power generating companies in the. The team also advised KEPCO on Wholesale Electricity Spot Market (WESM) registration and the operation and control of installed generating capacity under the Electric Power Industry Reform Act and Energy Regulatory Commission regulations. PJS Law PJS Law s energy practice, led by partner Monalisa Dimalanta, has moved up in the rankings this year because of strong peer feedback and outstanding work. The firm s high profile client list includes UPC Renewables, SN Aboitiz, AES, Aboitiz Power Corporation and PetroEnergy Resources, among others. The firm has expanded its energy practice by a handful of associates, and worked on several large projects over the last year. For example, Dimalanta advised AC Energy Holdings, a unit of Ayala, regarding its joint venture with Trans-Asia Oil & Energy Development in relation to its development of a coal fired thermal power plant in Calaca, Batangas. Dimalanta represented EGCO PCL Thailand in 411

10 Energy & Natural Resources its US$215 million acquisition of 26% of the equity of Covanta Energy in Quezon Power Partners, which is operating a 460MW coal fired thermal power plant in Mauban, Quezon,. is very active and is one of the best in the, says one partner at a rival firm. The energy practice, led by name partner Roderico V Puno, also garners exceptional praise from clients. Of all energy focused attorneys in the country, name partner Roderico Puno is most noted for his expertise and hands on approach, says one. s strong energy practice is a product of its highly regarded project finance practice, which is well known in the Philippine market. In a landmark deal this year, Puno and partner Elizabeth Ma advised Philippine Hybrid Energy Systems on the construction and financing of a wind energy power system project in Oriental Midoro. Construction will be in two phases, and will require PhP6 billion (US$141 million) in funding. Romulo Mabanta Buenaventura Sayoc & De Los Angeles Attorney Perry Pe has an extensive and well regarded team for project financing, especially on transactions relating to the privatisation of power assets in the, says one client of RMBSA. Pe is head of the firm s energy and infrastructure department, which is bolstered by the firm s strong all around expertise. The standout project finance practice is an asset for its energy and infrastructure practice, which has a bright future due to escalating FDI in the Philippine mining and natural resource sectors. In the last year, the firm has acted for the Philippine national government and several local and foreign companies on both energy and natural resource issues. Given the increasing number of energy financing deals beginning in the, SyCip is at the forefront of much energy and natural resources work in the country. The firm is often first choice for multinational corporations and large domestic companies for its broad expertise and international name recognition. Key clients include Standard Chartered Bank, Peak Oil & Gas, BHP Billiton and GN Power Mariveles Coal Plant. Partner Hector M de Leon Jr acted for Gold Fields on its US$349 million acquisition of 60% of the gold copper Far Southeast deposit of Lepanto Consolidated Mining. Partner Marilyn Aquino also acted for Philex Mining in the acquisition of 5% of Lepanto Consolidated Mining, worth PhP1.29 billion. boasts two practice groups that provide clients with advice on power, energy, natural resources and mining issues. Both of these are headed by noted attorney and partner Patricia Bunye. The firm s capabilities in the energy and natural resources area are immense. For example, its lawyers can handle the development, financing, operation and sale of power projects. They also handle licensing, reviewing contracts, obtaining government approval and exploration permits and rendering title opinions and advice on land tenure and ancestral domain issues in regard to mining projects. Partner Sylvette Tankiang, head of the corporate and commercial practice, is advising Shell International on a joint venture in the Philippine oil industry. Other active firms Kapunan Castillo & Garcia Law Offices In its largest energy related case this year, Kapunan Castillo & Garcia Law Offices is advising the West Tower Condominium Corporation in its dispute against First Philippine Industrial and First Gen regarding what is reportedly the largest oil spill in Philippine history. West Tower Condominium is near the pipeline where the spill occurred, and is suing the two energy corporations and demanding the immediate closure of the pipeline. Ocampo & Manalo Although Ocampo & Manalo is best known for its strong aviation practice, it maintains a presence in the energy area. Name partner CT Ocampo has advised clients such as Jinchuan Nickel, Jinchuan, RT Mineral and Platinum Metals on the sale and acquisition of large energy corporations, such as Toledo Mining and Phinico. 412

11 Intellectual Property Carag Jamora Somera & Villareal Castillo Laman Tan Patanleon & San Jose Tier 3 Esguerra & Blanco Quasha Ancheta Pena & Nolasco ACCRALAW is one of the largest firms in the country but in IP, its litigation practice sets it apart, says one practitioner. The firm s expertise in IP mediation and arbitration is especially well regarded. In its largest case this year, IP practice head Alex Ferdinand S Fider represented the US Polo Association against an individual in a trade mark infringement case regarding its logo. The case established a new precedent for competing marks. Rather than comparing the technical features of each mark, the court now considers the visual concept of the mark in determining whether it is infringing a trade mark. Carag Jamora Somera & Villareal Carag Jamora Somera & Villareal is especially known for its strong IP practice, notes one peer. Although name partner Carlo Carag left the firm in September 2010 because he was appointed to the position of finance undersecretary for the Revenue, Operations & Legal Affairs Group, the practice remains quite strong. Partner Maria Trinidad Real is a noted practitioner of IP law, and has acted for a variety of companies that specialise in media and luxury goods. The firm s clients include many prominent multinational brands such as the Motion Picture Association, Major League Baseball, Nintendo, Versace, Gucci and Donald Trump. Quisumbing Torres is a Baker & McKenzie member firm whose IP practice specialises in trade mark registration Intellectual Property and enforcement. It advises staple Baker & McKenzie multinational corporate clients such as Unilever and Proctor & Gamble, but also handles the account for L Oreal and Starbucks in the. It is the only full service firm in the that has a dedicated department covering IP matters. Head of practice André Philippe G Betita is recommended by peers for his lengthy experience in the IP area. In the firm s most notable activity this year, it participated in drafting the new Intellectual Property Code of the. Premier Philippine firm SyCip Salazar Hernandez & Gatmaitan s IP practice boasts one of the most impressive client lists in the country, comprising both domestic entities and multinational corporations that are household names. Clients include Pfizer, Colgate Palmolive, Abbot Laboratories, 3M, Merck, Sony, Revlon, Gap, Visa International and Max Mara Fashion Group. Partner Enrique Manuel is acting for Gap, Accor, Marks & Spencer and Ramada, among others, regarding negotiation for franchises, licences and distributorship agreements for important brands making headway in the. Manuel is also acting for Chanel in scanning the local trade mark registry to ensure that marks similar to its trade mark have not been registered. Castillo Laman Tan Pantaleon & San Jose Castillo Laman Tan Pantaleon & San Jose is a mid sized firm with a full service offering. Its IP practice, which handles both patent and trade mark related matters, is especially known for its pharmaceutical expertise, specialising in the area of patent infringement. Clients include such high profile multinational pharmaceutical brands as Eli Lilly, Boehringer Ingelheim and GlaxoSmithKline. Name partner Noel Laman is highly recommended by clients and peers alike for his long experience in the field. He is a recognisable figure in the IP community, having served as President of the Intellectual Property Association of the. Junior partners Ray Anthony Pinoy and Peach Sison-Ledesma represented Eli Lilly in a patent infringement case regarding its Olanzapro medication, and are lawyers to watch in this space. Although is best known for its corporate and financing practices, its multitalented lawyers also possess expertise in IP law. Founding partner 413

12 Intellectual Property Gilbert T Reyes and senior partner Jaime G Hofileña are pivotal figures in regard to the firm s IP practice. Reyes and Hofileña, along with partners Brigitte Da Costa-Villaluz and Luis S Clemente, assist Intel regularly in regulating sole proprietorships, partnerships and corporations that are attempting to utilise Intel s trade marks inappropriately. The firm has also acted for several multinational corporations on patent infringement or counterfeiting in the. This includes work for pharmaceutical companies Abbot Laboratories and Sanofi Aventis, and fashion company Liz Claiborne and its subsidiaries LC Licensing and Juicy Couture. Romulo Mabanta Buenaventura Sayoc & De Los Angeles RMBSA is one of the largest and oldest firms in the, and is well known for its abilities in IP prosecution. Partner and head of the practice Rogelio Nicandro is especially known for his exceptional skill in IP litigation. The firm s IP practice excels at both filing applications and monitoring registrations at the Intellectual Property Office. If violations occur, the firm also handles civil and criminal litigation aimed at alleged infringers. The firm s patent monitoring service, available upon request, is especially helpful for its many multinational clients, which include globally recognised brands such as Coca-Cola, Ford and Sony., also known as CVC Law as of November 2010, possesses a commendable IP practice that is closely linked to its strong litigation area. In a lengthy case that began in 2001, partner Susan D Villanueva is defending the trade mark of In- N-Out Burger in court, charging Benita s Fries and Sehwani Company with unfair competition for using the restaurant s mark. The suit has resulted in landmark precedents, such as the Philippine Supreme Court recognising the distinction of an internationally well known mark. The case, which Villanueva initially won, is now under appeal. The firm s other clients include Banco de Oro- Unibank, United Laboratories, Hormel Foods Corporate Services, Sunkist Growers, Japan Tobacco International and ABS-CBN Broadcasting. particular interest in the firm. Sony and Facebook are only a few household names that use this firm for its IP capabilities. Attorneys Arturo Del Rosario and Saben Loyola are especially involved in the IP area. Hechanova Bugay & Vilchez Led by managing partner Editha Hechanova, Hechanova Bugay & Vilchez s IP practice is rapidly gaining a strong reputation for its expertise in handling raids and seizures of counterfeit goods. Hechanova has assisted Sanyo Electric, Luxottica Group, the owner of the Ray-Ban sunglasses brand, and Oakley in handling seizures of counterfeit goods from both warehouses and retail outlets in the. The goods seized during Oakley s raid alone are estimated to be worth US$12.5 million. Kapunan Castillo & Garcia Law Offices Partner Margarita Benemerito-Castillo leads an active IP practice at Kapunan Castillo & Garcia Law Offices. In the last year, the firm has handled trade mark and patent filing and litigation for companies such as APB Asia, NV Sumatra Tobacco Trading, Phelps Dodge Energy Products, Le Café Figaro Enterprises and Apollo International. Rouse In a landmark case, Rouse obtained the well known distinction for the BOTOX mark while representing pharmaceutical company Allergen in a trade mark dispute. The ruling, however, has been appealed. Other clients who have engaged the firm in the last year include BP Singapore, WWE, Wm Wrigley Jr and Research In Motion. Other active firms Del Rosario & Del Rosario Del Rosario & Del Rosario s IP practice is developing, with international technology companies taking 414

13 Labour & Employment Platon Martinez Flores San Pedro Leaño Siguion Reyna Montecillo & Ongsiako Tier 3 Castillo Laman Tan Pantaleon & San Jose Anagara Abello Concepcion Regala & Cruz ACCRALAW s esteemed litigation practice provides a strong foundation for its outstanding labour and employment practice. Its strength on disputes means that it is often the first port of call for multinational companies handling unfair termination cases. With an office in Manila, as well as smaller satellites branches in Cebu and Davao, ACCRALAW is a popular choice for employment matters in developing areas of the. Notable practitioners include senior partners Emerico O de Guzman, Emiterio Manibog and Ernesto R Añasco. The firm has advised prominent international clients such as Proctor & Gamble, Eurofragrance, Coca-Cola Bottlers, Mapua Institute of Technology and Mapua Institute of Technology. Labour & Employment Quisumbing Torres is a standout firm in many practice areas, but its labour and employment practice garners exceptional praise. This area also works in tandem with the firm s corporate practice to ensure seamless advice to clients. Multinational companies also appreciate Quisumbing Torres s international links through the Baker & McKenzie network. Noted partner Kenneth Chua leads the outsourcing industry group while partner Gil Roberto Zerrudo heads the labour and employment practice. Both are highly regarded within the Philippine legal community. Chua has represented several multinational corporations on labour matters, particularly those that involve outsourcing. Meanwhile, Zerrudo focuses on employment contracts, benefits and compensation, and terminations, and also handles all related litigation. Siguion Reyna Montecillo & Ongsiako Siguion Reyna Montecillo & Ongsiako s employment practice is highly respected throughout the. The full service firm is active in disputes that involve collective bargaining and strike handling but will handle all other general employment and labour issues. Notable clients include Cardinal Santos Medical Centre and Coca-Cola Bottlers. The head of the practice is partner Romarie Villonco, who is well regarded by peers and clients alike. He is both versatile and knowledgeable, and can practice in the areas of corporate law, dispute resolution, and tax matters. Peers also recommend partners Luisito Lantin and Antonio Pido for their outstanding expertise in collective bargaining. Platon Martinez Flores San Pedro Leaño Platon Martinez Flores San Pedro Leaño has an impressive service focus to its labour and employment practice, which is headed by partner Grace Quevedo-Panagsagan. Key clients include Kawasaki Motors and Merck Sharp & Dohme. Although the firm is noted for its abilities in handling legal disputes, the philosophy of the labour and employment practice is to minimise or eliminate litigation completely. The partners in this practice offer training to managerial and supervisory employees, teaching them how to create a safe workplace environment to avoid lawsuits. Its employee training programme also includes areas such as employee discipline, termination, anti sexual harassment law and labour standards. The employment practice of has been involved in several landmark labour and employment cases this year for multinational companies. In a highlight case, partner Mario Bautista acted for EEI Corporation, one of the largest Philippine construction companies, in a class action suit by 630 former employees. EEI was defending itself from the employees US$100 million in liability claims. The dispute rose to the Supreme Court, which overturned an earlier ruling that the employees should be paid. The firm has also acted for International School Manila, Federal Express and NXP Semiconducts Cabuyao, a subsidiary of chipmaker NXP BV, on employment issues. 415

14 Labour & Employment Sycip Salazar Hernandez & Gatmaitan features in the rankings again for its labour and employment practice. Clients, especially multinational companies, mention the firm s international reputation as a key reason to instruct the firm. The expertise of its corporate practice, arguably the best in the, is also a factor behind its popularity. Aside from covering all typical labour and employment matters, such as employment contracts, due diligence and compliance, the human resources practice at SyCip also works on immigration law issues. SyCip s employment group has most recently acted for Sara Lee in relation to employment issues regarding its divestment of several Philippine household product subsidiaries. Other active firms Del Rosario & Del Rosario The employment practice at Del Rosario & Del Rosario is closely related to its strong shipping and maritime practice. Key cases this year involved advising shipowners, agents and insurers on handling damages sought by Filipino crews who have experienced piracy, hijacking and kidnapping incidents off the coast of Africa. The firm takes care to minimise litigation from Filipino crew members regarding damages, including provisions for stress related disorders developed such as post traumatic stress disorder. Puyat Jacinto & Santos Puyat Jacinto & Santos is labour and employment counsel for the business process outsourcing units for corporations such as Sykes Asia, Sykes Marketing Services, Hewlett Packard, JP Morgan Chase, HTMT and APAC Customer Services. It has also acted for SN Aboitiz Power on employment matters relating to its takeover of the privatised Magat Hydro-Electric Power Plant and Ambuklao-Binga Hydro-Electric Power Plants. Partner Roy Enrico C Santos leads the practice. Shipping, Maritime & Aviation Del Rosario & Del Rosario Ortega Del Castillo Bacorro Odulio Calma & Carbonell Platon Martinez Flores San Pedro Leaño Belo Gozon Elma Parel Asuncion & Lucila Ocampo & Manalo ACCRALAW strengthens its outstanding litigation practice with expertise in the shipping, maritime and aviation areas. Although particularly known for its litigation capability, ACCRALAW s strong reputation means it is a popular choice for all types of litigation in this area. The firm s former head of litigation and co-managing partner Teresita Herbosa was recently appointed chair of the Securities and Exchange Commission by President Aquino, and has since left ACCRALAW. However, partner Francisco Ed Lim s return from government office means that the firm should be relatively unaffected by Herbosa s absence. Senior partners Victor Plazatin and Luis A Vera Cruz have handled cases in the area and are also well known for their litigation abilities. Del Rosario & Del Rosario The firm is a household name in the shipping and maritime areas, says one competitor of Del Rosario & Del Rosario. Another peer remarks: Its lawyers are really good, especially brothers Arturo T Del Rosario Jr and Ruben T Del Rosario. Del Rosario & Del Rosario is a boutique firm that specialises in shipping and maritime work. Though it maintains practices in other areas, such as labour and employment and tax, it primarily does so to support its maritime focus. In its highest profile case, partner Joseph Rebano is leading the firm in its representation of the owner of MV Double Prosperity. The ship damaged a protected coral reef near the Province of Sarangani in May 2011, and the local government is claiming US$3.5 million for environmental damage. 416

15 Ortega Del Castillo Bacorro Odulio Calma & Carbonell Ortega Del Castillo Bacorro Odulio Calma & Carbonell is one of the oldest firms in the having been founded by a group of US attorneys in Although it is a full service firm, it is best known for its shipping, maritime and aviation capabilities. Name partners Benjamin Bacorro and Pedro Carbonell are especially recognised in the Philipine market for their expertise in this practice area. Both have decades of experience and have an exceptional understanding of the legal matters in this area. The firm has worked for clients such as Seaquest Logistics and European and Scandinavian P&I clubs, which protect members against large marine insurance claims. Platon Martinez Flores San Pedro Leaño Platon Martinez Flores San Pedro Leaño is the largest firm for aviation matters, says one partner of a rival firm. Its reputation in the aviation space is outstanding, attracting a long list of prominent clients such as China Airlines, Philippine Airlines, DHL, Thai Airways and KLM. The firm also handles maritime disputes. The firm suffered a severe blow in November 2010 with the passing of pivotal name partner and head of its litigation practice Saklolo Leaño. Although the firm lacks other aviation specialists, it does house other litigation and corporate practitioners. These include corporate partner Rachelle Santos and employment head Grace Quevedo-Panagsagan. SyCip s enormous capabilities as one of the largest full service firms in the are evident in its shipping, maritime and aviation practice, which is led by partner Mia G Gentugaya. Due to its strong practice is nearly every practice area, SyCip is a leading choice for clients looking for financing or corporate expertise. Gentugaya advised CIT Bank in the financing for the acquisition of two aircraft by Challenge Aero for US$24 million. The multi-jurisdictional nature of the transaction, which involved French, Philippine and US law, complicated this financing deal. Gentugaya and her team also assisted the acquirers in deregistering the aircraft. Shipping, Maritime & Aviation Gozon is especially recognisable in the aviation area, in which he was formerly the President of the Aviation Lawyers Association in the. Lucila is also a respected figure among practitioners. Both lawyers are larger-than-life figures in the Philippine business world, with Gozon acting as chief executive of GMA Networks and Lucila serving as director of East Asia Power Resources until July Ocampo & Manalo Ocampo & Manalo is a rapidly growing full service firm that has an exceptionally successful aviation practice. Its outstanding reputation in the aviation practice can be attributed to Carlos Ocampo and Manolito Manalo s previous experience as in house counsel at Philippine Airlines. Both name partners, however, have different specialities. Manalo leads the firm s corporate practice, while Ocampo is stronger in litigation and dispute resolution. The firm s clients include international carriers Singapore Airlines and Qatar Airways, and the third largest carrier in the, Zest Air. In recent work, the firm has secured all necessary Philippine licences for foreign carrier Jeju Air to begin operating in the country. It has also been appointed by an airline consultancy firm to assist in raising the safety rating of the in the scale of the US Federal Aviation Administration. Quisumbing Torres has one of the strongest shipping, maritime and aviation practices in the due to the broad expertise and exceptional abilities of the lawyers in its corporate and litigation practices. International carriers frequently utilise the firm for its international capabilities and membership in the Baker & McKenzie network. Partner Rodrigo Lope Quimbo, who heads the litigation practice, has tremendous experience in the aviation area, having handled cases involving aircraft accidents and liability suits. He is also a faculty member of the De La Salle College of Law. Alexandre Dueñas, elected partner in 2009, is also an up-and-coming attorney in Quisumbing Torres s litigation practice. He handles cases involving both aviation and aerospace technology. Belo Gozon Elma Parel Asuncion & Lucila Belo Gozon Elma Parel Asuncion & Lucila is technically a full service firm, but it is best known for its aviation, telecommunications and maritime practice. This includes name partners Felipe L Gozon and Roberto Rafael V Lucila. Romulo Mabanta Buenaventura Sayoc & De Los Angeles RMBSA is one of the largest and most well regarded full service firms in the. Its ability to handle cases across multiple practice areas is only shared by a few other Philippine firms. 417

16 Shipping, Maritime & Aviation Partner Cynthia Roxas de Castillo is head of the securities practice at the firm, but has handled its aviation related transactions this year because of their financial focus. In one notable deal, de Castillo advised borrower Johannesberg in the US$9 million lease and mortgage agreement from lenders VGS Holding and HSH Nordbank AG for an Airbus A aircraft leased to Zest Air. Other active firms Partner Nick Emmanuel C Villaluz of Poblador Bautista & Reyes is advising Northwest Airlines on legal matters regarding its merger with international carrier Delta Air. The firm also is representing Asian Terminals, operator of one of the largest Philippine ports, in various litigation cases involving marine insurance and damage claims. Tax Baniqued & Baniqued Castillo Laman Tan Pantaleon & San Jose Quiason Makalintal Barot Torres & Ibarra Siguion Reyna Montecillo & Ongsiako Romulo Mabanta Buenaventura Sayoc & De Los Angeles RMBSA is a leading firm in most areas of Philippine law and its tax practice is no different, bolstering a well regarded corporate practice. This practice is headed by partner Priscilla Valer, who is considered one of the best tax attorneys in the in both contentious and non contentious work. Her expertise in Philippine tax law is nearly unmatched, says one client. Another lawyer hghly recommended by clients is Jayson Fernandez. The firm has given tax advice on a broad range of areas, including international tax treaties, estate planning and corporate structuring. In the last year, it advised Pilipinas Shell Petroleum on structuring its spin-off liquefied petroleum gas business. SyCip s tax practice has developed in tandem with its strong corporate practice and is well respected by peers and clients alike. The head of the tax practice, partner Rolando Medalla Jr, draws compliments from competitors for his first rate knowledge and professional ability. SyCip s broad offering of high quality practice areas has given the firm a legitimate one-stop-shop reputation with clients. Its ability to handle tax issues in conjunction with other work, such as M&A deals, is outstanding. Notable clients that have utilised the firm s tax capabilities include San Roque Power, Colgate Palmolive and Kraft Food (). ACCRALAW s tax practice holds steady in the rankings this year because of its close relationship with the strong litigation and corporate practice groups. Head of practice Ruby Rose J Yusi is characterised by one competitor as a formidable attorney with considerable tax expertise. The firm is working with Smartmatic International in structuring its transactions with an independent constitutional commission with the goal of finalising one of the largest IT public projects in Asia. The firm also works closely with government agencies, including the Bureau of Internal Revenue and Bureau of Customs and the Department of Finance. Baniqued & Baniqued Baniqued & Baniqued is a tax specialist firm, and around 80% of its workload centres on this area, says one competitor. This tax boutique, comprising five partners and four associates, has worked for an impressive list of local and regional clients. These include Coca-Cola, Pilipinas Shell Petroleum and Philippine Long Distance Telephone. In the firm s largest case this year, partner Terence Conrad Bello advised GSK, UCB and Stiefel on tax issues connected to its upstream merger of two subsidiaries into one parent company. Approval by the Securities and Exchange Commission is pending. If successful, the reorganisation will save the company US$152 million in taxes. Castillo Laman Tan Pantaleon & San Jose Castillo Laman Tan Pantaleon & San Jose is celebrating its 30th anniversary by maintaining its reputation as a full service firm that offers high quality expertise across a broad range of practice areas. Managing partner Paulino Petralba is head of the firm s tax practice, which boasts clients such as Davao Central Chemical and Suzuki. Of its 44 lawyers at the firm, six are devoted to the tax 418

17 advisory and planning group. Two attorneys specialise in international corporate tax, two focus on indirect tax, and the remaining two advise clients on transfer pricing. The development of the firm s tax practice is meant to supplement and strengthen its growing corporate and litigation areas. Quiason Makalintal Barot Torres & Ibarra Peers respect Quiason Makalintal Barot Torres & Ibarra s tax practice largely due to the presence of co-managing partner and head of tax group, Ruelito Soriano, and tax counsel and former managing director of an auditing firm, Wilfrido Sanchez. Both of them are outstanding, says one peer. The firm handles both contentious and non contentious corporate tax matters on both a local and national level. Its partners often successfully bring cases to the Bureau of Internal Revenue and the Court of Tax Appeals. The firm s long list of clients includes prestigious multinational corporation Levi Strauss and regional companies Rizal Commercial Banking and Lopez Holdings. Quisumbing Torres expanded its tax capabilities this year by adding an associate. In a practice that is led by partner Dennis Dimagiba and houses just two partners and four associates, such an addition is a welcome boost. The firm s membership in the Baker & McKenzie network results in work from many multinational companies looking to gain a foothold in the. For example, it has advised companies from jurisdictions such as Australia, Canada, China, Denmark and the US this year on various Philippine tax matters. Siguion Reyna Montecillo & Ongsiako Siguion Reyna Montecillo & Ongsiako is a traditional presence in the Philippine legal market. As one of the oldest firms in the country, it even possesses one of the largest private law libraries. Its tax practice has been hard-hit however by the departure of head Jose Lis C Leagogo to become a name partner at upstart Roxas de Los Reyes Laurel Rosario & Leagogo. Well regarded partner Manuel Montecillo is now the best known tax lawyer at the firm, and he and his team provide full tax advisory services including tax assessments and customs work. Other active firms Del Rosario & Del Rosario Del Rosario & Del Rosario s strong tax practice covers Tax issues relating to its strong shipping, maritime and aviation practice areas. It has advised shipowners from countries as diverse as Norway, Cyprus and Germany on legal matters, including tax restructuring, after changes in the Migrant Workers & Overseas Act last year. Kapunan Castillo & Garcia Law Offices In its largest tax case this year, Kapunan Castillo & Garcia Law Offices advised Philippine Associated Smelting & Refining (PASAR) in a PhP18 million dispute against the Bureau of Internal Revenue regarding excise taxes and tax free zones. The firm s tax practice has grown this year, adding two junior associates one of whom was formerly a tax supervisor and the other a tax consultant. has added three new associates in tax, including a CPA from KPMG Manabat Sanagustin & Co, greatly expanding its capabilities. The firm assisted Aboitize Renewables and Luzon Hydro Corporation on its divestment of all interests in Pacific Hydro Bakun. structured this exit to minimise tax exposure to both parties. Puyat Jacinto & Santos Puyat Jacinto & Santos tax practice, which is led by real estate partner Virginia Viray, acts for high profile clients such as Hewlett-Packard. Although the firm lacks a dedicated practice, it is advising a Reit on tax structuring for the acquisition of land and the proposed construction of serviced apartments. It also is representing several clients before the Bureau of Internal Revenue, Court of Tax Appeals and the Supreme Court. Partner Sylvette Y Tankiang heads the tax practice at. The full service firm s strong international reputation has resulted in its representation of regional corporations, such as AP Renewables, HSBC Trustee, JT International and Pilipinas Shell Petroleum, in tax disputes against the Bureau of Internal Revenue and the Bureau of Customs. Zambrano & Gruba Attorneys Angelo Patrick F Advincula and Michael Geronimo head the tax practice at Zambrano & Gruba, which specialises in both advisory and litigation. The firm maintains a prestigious list of local clients, including the Philippine National Bank, Philippine Airlines, De La Salle University System, Grand Plaza Hotel and Kepco Iljan. 419