From Romulo Mabanta to Romulo Buenaventura

Legal luminary Ricardo Romulo, longtime chairman of Romulo Mabanta Buenaventura Sayoc & De Los Angeles, has sold his stake in the esteemed law firm to his five partners, who are among the biggest names in Philippine law.

They are Cynthia del Castillo, Jose Salvador Mirasol, Louie Ogsimer, Herminio Ozaeta Jr. and Perry Pe.

Following the sale last year, the law firm announced that it will adopt the trade name “Romulo Buenaventura” starting March 1, 2025.

The trade name Romulo Buenaventura honors Romulo, who is now the firm’s chairman emeritus, and its current chairman, Jose “Chito” Buenaventura.

What do these changes mean for the law firm which is among the biggest in the country?

Insiders said Romulo Buenaventura will pave the way for the entry of a younger generation of lawyers but will continue to be among the largest and highly regarded law firms in the country with a full offering of legal services.

Indeed, Romulo Buenaventura intends to continue its long tradition of exemplary legal service, which dates way back to the early 1900s, when it operated as Gibbs and McDonough.

Its storied history, in the company’s own words:

“Romulo traces its roots to the law firm which Allison D. Gibbs and William Kincaid established in 1902. At the outbreak of the Spanish-American War in 1898, Allison D. Gibbs and William Kincaid arrived in the Philippines as part of the Colorado and Nebraska volunteers, respectively. After the war, they decided to settle in the Philippines and engage in the practice of law. They hung their shingle in the business center of Manila in No. 9 Plaza Moraga.

“The firm was reorganized several times until Charles McDonough was admitted into the partnership. Allison D. Gibbs’ sons, Findley and Allison J., would later join the firm as assistant attorneys while an upstart Filipino lawyer by the name of Roman Ozaeta was admitted as partner in 1931.

“In 1936, Roman Ozaeta resigned from the firm to become judge of the then Court of First Instance. He went on to become Solicitor General in 1938, Associate Justice of the Supreme Court in 1941, Secretary of Justice in 1946 and again an Associate Justice of the Supreme Court from 1948 to 1950.

“Justice Roman Ozaeta was the first Filipino partner. He and his son Herminio reconstituted the firm in the 1950s after the firm had gone through so many name changes because of the rule then that only living partners must be named in a law firm partnership. It finally settled as Romulo Mabanta Buenaventura Sayoc & De Los Angeles in the early 1980s.”

Fast forward to today. The law firm has a new name but has committed to continue the same legacy of excellence.

Congratulations, Romulo Buenaventura, as you mark a new chapter in your colorful and storied journey.

The property sector, the real score

There’s a lot of speculation going around wondering if the property sector is indeed in trouble amid oversupply after the POGO exodus.

Well, guess what? Yes, there’s excess supply but experts said the best time to buy is now. Who was it who said that the best time to buy is when there’s blood in the streets?

There’s no blood in the streets – or at least not yet – but industry players said that the sector remains strong and steady amid strong economic fundamentals.

The Bangko Sentral ng Pilipinas has maintained its benchmark interest rate at 5.75 percent, ensuring access to affordable financing for homebuyers and investors.

As of December 2024, the annual inflation rate stood at 2.9 percent, still within the central bank’s target range of two percent to four percent.

Economic growth for the year is seen at six percent to eight percent, which indicates sustained economic expansion. Election spending from the May polls is also expected to boost economic activity.

As for demand, this remains significant for the mid-range to upscale condominiums.

But is there an oversupply? Yes, some areas do have an oversupply, but big developers with strong balance sheets continue to find and complete pre-selling projects, ensuring confidence in the market, industry sources told me.

I also learned that developers are also making it easier for buyers to acquire condos now with even lower down payment, flexible amortization terms and step-up financing.

This makes it easier for both first-time buyers and seasoned investors to acquire properties.

I had dinner recently with the chairman of a property company and he isn’t worried.

Demand may slow down, he said, but not enough for developers to stop building.

At the end of the day, he said, property assets remain a sound investment, especially in well located areas. Condos in prime locations likewise remain highly rentable, with steady supply demand from young professionals.

Acquiring property is also a hedge against inflation because unlike other asset classes, real estate appreciates over time.

Thus, if you are looking for a sound investment and you have money to spare, it would be good to acquire property now, especially with developers likely to hold off any price hikes in the next two years or until the market absorbs the excess supply.

But perhaps for property developers, they could also use this time to slow down construction in Metro Manila and build in other locations because the capital region is really becoming way too crowded.

*      *      *

Email: eyesgonzales@gmail.com. Follow her on Twitter @eyesgonzales. Column archives at EyesWideOpen on FB.