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. 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. Pearl is also among Asia Business Law Journal’s inaugural “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

  • Assist the world's largest automotive safety supplier with sales to all major car manufacturers in the world, in the structuring of the joint venture vehicle that will qualify to purchase land in a special economic zone registered with the Philippine Economic Zone Authority (PEZA) in Lapu-Lapu City, Cebu, and the possible registration of the vehicle with the PEZA.

  • Assist the Philippine subsidiary of an American multinational engaged in engineering, procurement, construction and maintenance in the purchase of 40% of the units in a building. Conduct limited due diligence on the building, and based on our findings, advise client on the structuring of the development as a condominium project to qualify it to purchase 40% of the units, in light of the constitutional restriction on foreign ownership of land.

  • Assist a leading Asian retailer and marketer of downstream oil and gas products in connection with the divestment of its LPG business in the Philippines, which included a LPG terminal and investment in landholding companies. Advise on competition law issues, particularly in relation to merger control, and obtain the approval of the Philippine Competition Commission on the transaction. Prepare all the transaction documents, including the Share Sale and Purchase Agreement, the implementing deeds and closing deliverables.

  • 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 development and management company, which constitutes 20% of the outstanding capital stock of the company to the existing shareholders (Proposed Transaction). The Proposed Transaction was implemented pursuant to the Shareholders' Agreement between client and the shareholders.

  • Assist Indonesia's largest and bread products manufacturer in the establishment of an incorporated joint venture in the Philippines with a Philippines-based food producer . Assist in the 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. Assist in the review of its lease agreements with the country's largest real estate developers and mall operators.

Professional Honors

  • Leading Individual in Corporate/M&A, The Legal 500 Asia Pacific, 2014-2019
  • Leading Individual in Capital Markets, The Legal 500 Asia Pacific, 2007-2019
  • Leading Individual in Real Estate and Construction, The Legal 500 Asia Pacific, 2018-2019
  • The A List - Philippines' Top 100 Lawyers, Asia Business Law Journal, 2018
  • Leading Lawyer in Mergers and Acquisitions, IFLR1000 —The Guide to the World's Leading Financial Law Firms, 2006-2019
  • Leading Individual in Corporate & Finance, Chambers Global, 2015-2019
  • Leading Individual in Corporate/M&A, Chambers Asia Pacific, 2010-2019 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

Professional Associations and Memberships

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


  • Philippines (1983)


  • Ateneo de Manila University (LLB) (1982)
  • Assumption College (BA) (1976)


  • English
  • Filipino


Philippines: Supreme Court Affirms SEC Guidelines on Compliance with Foreign Equity Restrictions', (Insight - Baker McKenzie, 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)