Dentons to Combine with PJS Law in the Philippines

March 22, 2023
Dentons intends to combine with Philippine law firm PJS Law, in a combination foreseen to accelerate Dentons’ momentum to become the leading global law firm in the ASEAN and, with offices in Indonesia, Malaysia, Myanmar, the Philippines, Singapore and Vietnam, allow Dentons to connect clients to talent in six of the largest ASEAN economies. The combination solidifies a longstanding cooperation between the two firms, culminating in the world’s largest global law firm helping clients to meet the challenges and opportunities in one of the fastest-growing emerging markets. Following approval by the partners, the combination is expected to launch in the coming months. PJS Law’s reputation as a leading service provider in the Philippines, coupled with Dentons’ worldwide reach, would enable the combined firm to help clients to grow, protect, operate and finance what is important to them in the Philippines and in 214 locations in 83 countries around the world. Dentons’ unique polycentric approach has been a differentiator, disrupting the traditional model for providing legal services in the ASEAN. As each new combination firm joins with Dentons, it can be assured that it will retain local control of its operations, finances and office leadership. “PJS Law and Dentons share the vision of leading the way for differentiated client service in ASEAN,” said PJS Law CEO Regina Jacinto-Barrientos. “Our future combination means that we continue to deliver sustainable solutions, first-rate performance and exceptional client care representative of the PJS brand, while our clients also benefit from having access to more than 21,000 professionals around the globe.” Elliott Portnoy, Global CEO of Dentons, said, “PJS Law’s excellent standing in the marketplace...

Financial Frauds and the Financial Products and Services Consumer Protection Act

July 18, 2022
The Philippines had its fair share of financial fraud scandals. Only recently, in December 2021, one of the largest banks in the Philippines was hit by a cyber fraud attack by hackers who illegally transferred funds from the accounts of more than seven hundred of its clients. In 2019, an investment scam tricked around five million people to make “donations” with a promise of “blessings” equivalent to 30% of their donations to be paid out every month and for life. These recent challenges faced by Filipino financial consumers were the motivation behind the recently passed Financial Products and Services Consumer Protection Act (Republic Act No. 11765). Through this law, aggrieved financial consumers are now provided with what promises to be a faster way to recover their money. Instead of immediately resorting to the filing of a civil case in court and waiting for months to get a decision, they may now file an action with the Bangko Sentral ng Pilipinas (BSP) or the Securities and Exchange Commission (SEC). The law has given the BSP and the SEC the authority to adjudicate actions arising from or in connection with financial transactions that are purely civil in nature, and the claim or relief prayed for by the financial consumer is solely for payment or reimbursement of a sum of money not exceeding the amount of ten million pesos (P10,000,000.00). Recovery of the financial consumers’ money is also made faster by the fact that the decision of the BSP or the SEC has been declared by law to be final and executory, and the BSP or the SEC may order the payment or...