Philippines

The Philippines economy has weathered global economic and financial downturns better than its regional peers due to minimal exposure to troubled international securities, lower dependence on exports, relatively resilient domestic consumption, large remittances from five-million overseas Filipino workers, and a rapidly expanding business process outsourcing industry. The current account balance had recorded consecutive surpluses since 2003; international reserves are at record highs; the banking system is stable; and the stock market was Asia's second best-performer in 2013. Efforts to improve tax administration and expenditure management have helped ease the Philippines' tight fiscal situation and reduce high debt levels. The Philippines has received several credit rating upgrades on its sovereign debt, and has had little difficulty tapping domestic and international markets to finance its deficits.

Long term challenges include reforming governance and the judicial system, building infrastructure, improving regulatory predictability, and the ease of doing business, attracting higher levels of local and foreign investments. The Philippine Constitution and the other laws continue to restrict foreign ownership in important activities/sectors (such as land ownership and public utilities).

Our team’s capability involves the incorporation of companies, real estate investment trusts (REITs), initial public offerings (IPOs) and the protection and enforcement of intellectual property rights in the Philippines. Our Practice also has ability to establish tie-ups for regional agreements for manpower and employment arrangements, among other things.

Our ASEAN Plus Group firm, V&A Law, contribute their capabilities in providing clients with a full range of legal services drawn from their collective experience and expertise in areas such as Corporate & Commercial Law, Litigation & Dispute Resolution, Intellectual Property Law, Labor and Immigration, Taxation, Power & Energy, Mining & Natural Resources, Mergers & Acquisitions, Foreign Investments, Property & Development, Infrastructure, Transportation and Public Utilities, Capital Markets, Securities Regulation and Finance, and Immigration.