Pearl T. Liu


Pearl Liu is a partner in the Corporate & Commercial Practice Group and heads the Consumer Goods & Retail Industry Group in Quisumbing Torres . She is also a member of the Competition Focus Group. Her career spans 34 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.

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

  • Assist Japan's largest truck manufacturer and exporter in its acquisition of a controlling equity interest in a Philippine corporation engaged in the assembly and distribution of motor vehicles, and has two subsidiaries that operate vehicle dealerships. Conduct legal due diligence on the target company and its two subsidiaries, and provide assistance in the drafting and negotiating of the Joint Venture Agreement and other transaction documents.
  • Assist a UK-based leading game developer in its acquisition of a controlling equity interest in a Philippine corporation engaged in interactive gaming activities, and advise on the regulatory aspects of the Philippine interactive gaming industry. Advise on its complete buy-out of the minority shareholders of the Philippine corporation.
  • Act as counsel for a global media holding company of a full-service media network in the acquisition of the partially-nationalized media placement business of a leading global marketing firm and advise on compliance with Anti-Dummy Law and foreign equity restrictions. Assist in the structuring and set-up of its Philippine entity, drafting of the transaction documents, and in the negotiation and implementation of the business purchase.
  • Assist an American, publicly-traded company that designs, manufactures, and sells analog and mixed-signal integrated circuits in the sale of its land located in a special economic zone registered with the Philippine Economic Zone Authority to a real estate developer, and its facility and equipment located on the land to a subsidiary of a European food ingredients company.
  • Assist and advise an affiliate of a global financial institution in the sale of its shares in a real estate developer and management company, which constitutes 20% of the outstanding capital stock of the company to the existing shareholders (Proposed Transaction). The Proposed Transaction was undertaken pursuant to the Shareholders' Agreement between client and the shareholders.
  • Represent an Asian oil and gas company in the divestment of its subsidiaries and assets in the Philippines including real estate. Advise on and assist in various corporate matters and competition law aspects of the sale by public auction of its LPG business and related landholding company in the Philippines.
  • Assist Indonesia's largest and bread products manufacturer in the establishment of an incorporated joint venture in the Philippines with the Philippines-based food producer . Assist in drafting and negotiation of the joint venture agreement and the establishment of the joint venture company.
  • Assist a large and market-ready European multinational company in the establishment of its retail operations in the Philippines. Assist in obtaining the prequalification of the client as a foreign retailer with the Philippine Board of Investments and with its lease agreements with the country's largest real estate developers and mall operators.
  • Assist an American global food-processing and commodities-trading corporation in the establishment of a wholly-owned subsidiary in the Philippines that will engage in the wholesale trading and distribution of certain agricultural commodities, by-products, and related products produced or derived from agricultural commodities.
  • Assist a diversified global manufacturing and technology company in the Philippines aspects of several spin-offs of its business lines. The transaction involves several jurisdictions. Advise on the proposed spin-off structure, ancillary asset transfers, the establishment of new legal entities, and pertinent regulatory aspects.

Professional Honors

  • Leading Individual in Corporate/M&A, The Legal 500 Asia Pacific, 2014-2018
  • Leading Individual in Capital Markets, The Legal 500 Asia Pacific, 2007-2018
  • Leading Lawyer in Mergers and Acquisitions, IFLR1000 —The Guide to the World's Leading Financial Law Firms, 2006-2017
  • Leading Individual in Corporate & Finance, Chambers Global, 2015-2017
  • Leading Individual in Corporate/M&A, Chambers Asia Pacific, 2010-2018 and Chambers Global, 2010-2014
  • Woman Lawyer of the Year, ALB Philippine Law Awards, 2016
  • Leading Individual in Corporate/M&A: Real Estate, Chambers Asia Pacific, 2013-2014 and Chambers Global 2013-2014
  • Leading Individual in Real Estate and Construction, The Legal 500 Asia Pacific, 2018

Professional Associations and Memberships

  • American Chamber of Commerce of the Philippines 
  • Makati Business Club
  • International Bar Association 
  • Philippines-United States Business Council


  • Philippines (1983)


  • Ateneo de Manila University (LL.B.) (1982)
  • Assumption College (B.A.) (1976)


  • Chinese
  • English
  • Filipino