To share the recent experiences of its arbitration practitioners, ACCRALAW co-sponsored the panel entitled “The Benefits of, Challenges to, and Trends in Commercial Arbitration in the Philippines” at the recently held The Legal 500 GC Summit Philippines 2024. This summit catering to general counsels was held last 22 February 2024 at The Grand Hyatt, Bonifacio Global City, Taguig City.
ACCRALAW Senior Partner Arnold M. Corporal and Partner Antonio Eduardo S. Nachura, Jr. participated as panelists while Senior Partner Jose Martin R. Tensuan acted as moderator. Bangko Sentral ng Pilipinas Deputy General Counsel Thomas Andrew T. Yuzon also joined the panel.
They discussed the practical considerations and challenges when parties resort to arbitration in resolving their disputes. Mr. Corporal highlighted the aspects of arbitration making it an efficient and speedy mode of dispute resolution. He also emphasized the need for the close collaboration between in-housel counsels and external counsel in handling an arbitration. Inputs of in-house counsel are valuable in equipping the external counsel with knowledge on the business processes of the company concerned.
Mr. Nachura discussed the aspect of costs. While arbitration is not inexpensive, it remains to be more cost effective than litigation. He also added that arbitration costs are easier to recover. Mr. Nachura also discussed the possible remedies of unsuccessful parties, as well as the practical ways of enforcing an arbitral award. He discussed recent jurisprudence on enforcement of arbitral awards.
The panel also discussed the necessity of asset location in order to enforce arbitral awards. Mr. Yuzon provided his invaluable insight and practical experience as in-house counsel. In particular, Mr. Yuzon also highlighted that arbitration is appealing because of its confidential nature.
The Legal 500 GC Summit Philippines 2024 is a gathering of “the most esteemed in-house counsel from the country’s most prolific companies, and leading practitioners.” This year, more than 250 in-house counsels attended the event. It is a venue for attendees to discuss their ever-changing roles in the business landscape, as well as the relevant issues and challenges and opportunities of the coming year.