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Pearl T. Liu


Pearl Liu is a partner in the Corporate & Commercial/M&A Practice Group. She is a member of the Consumer Goods & Retail and the Industrials, Manufacturing & Transportation Industry Groups in Quisumbing Torres. Her career spans 37 years representing a broad spectrum of leading multinational companies in the Philippines. She has been consistently ranked as a leading individual in Corporate/M&A, Real Estate, and Capital Markets in Chambers Global and Chambers Asia Pacific, IFLR1000, and The Legal 500 Asia Pacific. Pearl is also among Asia Business Law Journal's "A-List" of the country's legal profession. 

Practice Focus

Pearl's practice focuses on mergers and acquisitions, foreign investment structuring, joint ventures, divestitures, corporate reorganizations and real estate. She has extensive experience in the structuring, establishment and operations of corporate entities engaged in, among others, retail, outsourcing & information technology industries, real estate, energy, infrastructure, hotels, resorts and tourism.

Representative Legal Matters

  • Advise and assist a global advertising and communications company, operating in a highly regulated industry, in the restructuring of its Philippine operations that entails the integration of client’s Philippine companies, implemented through a series of transactions including mergers and share acquisitions. Assist in preparing, drafting, filing and processing of two merger applications with the Securities and Exchange Commission. 
  • Advise a Hong Kong-based logistics and related services provider on overall corporate governance of its four entities in the Philippines - a facilities service company registered with the Philippine Economic Zone Authority (PEZA), an operational logistics company, a business process outsourcing company servicing internal affiliates worldwide registered with the PEZA and a dormant corporation. Advise on PEZA compliance and internal corporate reorganization due to transfer of assets and employees from one entity to another. 
  • Act for a global leader in the design and manufacture of power conversion and embedded computing solutions in respect of the Philippine aspects of the separation of its three business lines, preparatory to the disposal of one line to a third party purchaser. 
  • Assist a Hong Kong-based premium hospitality investment and management brand in Asia that is looking to manage a hotel and serviced suites for a Philippine developer, engaged in the development and operation of hotels, condominium and mixed use units, and malls.  Assist in the conduct of a limited due diligence review on the Philippine developer and review the operating agreement for the hotel and serviced suites and other ancillary agreements. 
  • Assist a global online retailer with the establishment of its Philippine subsidiary, including advising on Philippine Economic Zone Authority registration of two large-scale captive business process outsourcing (BPO) sites and the negotiation of two lease contracts with unique commercial terms for the BPO sites. 
  • Advise an Italian luxury brand known for its jewelry, watches, fragrances, accessories and leather goods on the regulatory framework for entry into retail trade industry in the Philippines. Assist with the application for pre-qualification with the Board of Investments, registration with the Securities and Exchange Commission, and other  post-registration requirements, and assumption of the lease of the previous franchisee. 
  • Advise a leading South Korean eco-friendly cosmetics brand on the proposed business models for its potential operations in the Philippines and inclusion in the list of foreign retailers engaged in high-end or luxury goods. 
  • Assist a European luxury fashion house in connection with its application for pre-qualification as a foreign retailer with the Philippine Board of Investments, and the establishment of its presence in the Philippines. 
  • Assist a European ready-to-wear and leather luxury goods brand in its application for inclusion in the list of the National Economic and Development Authority as a foreign retailer engaged in the sale of high-end or luxury goods, and obtain its pre-qualification as a foreign retailer with the Philippine Board of Investments.

Professional Honors

  • Hall of Fame for Corporate and M&A, The Legal 500 Asia Pacific, 2021
  • Leading Individual for Capital Markets, The Legal 500 Asia Pacific, 2006 to 2019
  • Leading Individual for Corporate and M&A, The Legal 500 Asia Pacific, 2014 to 2020
  • Leading Individual for Real Estate and Construction, The Legal 500 Asia Pacific, 2018 to 2021
  • Band 2, Leading Lawyer for Corporate/M&A, Chambers Asia Pacific, 2019 to 2021 
  • Band 3, Leading Lawyer for Corporate/M&A, Chambers Asia Pacific, 2018 
  • Band 2, Leading Lawyer for Corporate/M&A, Chambers Global, 2019 to 2020 
  • Band 3, Leading Lawyer for Corporate/M&A, Chambers Global, 2018 
  • Distinguished Practitioner for Corporate and M&A, asialaw Leading Lawyers, 2020 to 2021
  • A-List Lawyer, The Philippines' Top 100 Lawyers, Asia Business Law Journal, 2018 to 2020 
  • Highly Regarded Leading Lawyer for M&A, IFLR1000, 2018 to 2020

Professional Associations and Memberships

  • American Chamber of Commerce of the Philippines
  • International Bar Association


  • Philippines (1983)


  • Ateneo de Manila University (LLB) (1982)
  • Assumption College (B.S.C.) (1977)
  • Assumption College (BA) (1976)


  • English
  • Filipino
  • Co-author, "Philippines: Supreme Court Affirms SEC Guidelines on Compliance with Foreign Equity Restrictions", Baker McKenzie Insight, 2017
  • Philippine chapter, "Asia Pacific Antitrust & Competition Law Guidebook", (Baker McKenzie, 2016)
  • "Philippines in 2016: May elections to set the tone", (Asian Legal Business Online Article, 2016)
  • "Philippines: The Sun Returning", (Law Society Gazette, 2014)
  • Philippine chapter, "The Corporate Governance Review Third Edition", (Law Business Research Ltd. 2013)