Investing in the Philippines

manwonder :

Kernow 2017;

Lucky you!

International Living ranked Panama the world's best retirement haven on its 2019 annual list.

Best wishes
Cheers

Hot and muggy like the Philippines...

That my dear sir was my conundrum.  The solution was, commercial bank for the dollars, rural bank for the longer term stuff.

Longer answer, Katipunan and Rizal are in the group of top 10 sized rural banks and easily survive any stress tests. But rural banks services are limited to what US knew before bank deregulation as local Savings and Loans and function as such, much more little guy and consumer oriented.  Before deregulation/internet that was my primary bank as my interests then were purely local.

Metro bank is my commercial bank, used mainly like a short term parking lot/import/exchange station.  Their exchange rates are good and they have a New York city branch making them more palatable to US institutions.

human nature does not change from location to location.

The only thing the US has going for it is a less corrupt than many places judiciary and enforcement mechanisms.  That is quickly changing and not for the better.

kernow2017 :

[at]geolefrench:

I am not that courageous, but  have learned a lot.

I am moving from the Philippines to Panama - no more Asian countries for me.

Where ever you go, there you are.  Panama is just another former Spanish ruled country, heavily corrupt (or did you miss the drug and rebellion conflabs).  Just easier to get to US and more influenced a bit by US near the canal zone.

LemSaDipolog :

human nature does not change from location to location.

The only thing the US has going for it is a less corrupt than many places judiciary and enforcement mechanisms.  That is quickly changing and not for the better.

example: Elizabeth Warren writes legislation, then markets herself to corporations to help them get around the legislation she wrote.

“A lot of people don’t realize that Elizabeth Warren in the mid-1990s was paid by us, by taxpayers, and hired by Congress to rewrite portions of bankruptcy law,” Schweizer explained.

“While she was doing that and after, she started going to large companies that would be affected by this law and said, ‘Hey, you know you can hire me, an expert. I will help you navigate around and through this law to your own benefit.’ And that’s what she did,” Schweizer told Breitbart News Editor-in-Chief Alex Marlow.

I know a retired ‘judge’ who cannot think a way out of a wet paper bag and cannot think through simple solutions: a slave to a corrupt system, seems the person negotiated a way through turbulent waters for many decades, and now will place blame on whomever rather that think things through and accept responsibility where it’s obvious. Telling your truth - that may be spot on - is bypassed in favour of the favoured narrative most times.
These kinds of people run the country, and so it is that the by-word here is to go easy, lest you enrage the sleeping sleaze.

daenr :

I know a retired ‘judge’ who cannot think a way out of a wet paper bag and cannot think through simple solutions: a slave to a corrupt system, seems the person negotiated a way through turbulent waters for many decades, and now will place blame on whomever rather that think things through and accept responsibility where it’s obvious. Telling your truth - that may be spot on - is bypassed in favour of the favoured narrative most times.
These kinds of people run the country, and so it is that the by-word here is to go easy, lest you enrage the sleeping sleaze.

No Filipino I know would deny what you say. There are some hyper defensive foreigners who will though.

Its not FUBAR its FBAR and its anything but a joke.

If you are a US citizen with a foreign bank account which has had a balance of ten thousand USD or more for ANY period of time during the year, you are required to report it before June 30. There is no extension. The penalty is 50% of what is in the account or $10,000 - whichever is more!!

Foreign Bank Account Report
You may have heard of FBAR filing, but you don't know what it is. FBAR stands for “Foreign Bank Account Report”, and refers to FinCen Form 114, Report of Foreign Bank and Financial Accounts.
americansoverseas.org › ... › Explanation of the US tax system
What is FBAR and FBAR filing? | Americans Overseas

All you never wanted to know about FBAR
https://www.philippinedestiny.com/2019/ … xpats.html

And I used the Free Fillable Forms this year from IRS. I liked it. You may not.
https://www.philippinedestiny.com/2020/ … -2020.html

note: Free File and Free Fillable Forms are not the same thing. I need to change that url some time.

Fiveboy :

Its not FUBAR its FBAR and its anything but a joke.

If you are a US citizen with a foreign bank account which has had a balance of ten thousand USD or more for ANY period of time during the year, you are required to report it before June 30. There is no extension. The penalty is 50% of what is in the account or $10,000 - whichever is more!!

Foreign Bank Account Report
You may have heard of FBAR filing, but you don't know what it is. FBAR stands for “Foreign Bank Account Report”, and refers to FinCen Form 114, Report of Foreign Bank and Financial Accounts.
americansoverseas.org › ... › Explanation of the US tax system
What is FBAR and FBAR filing? | Americans Overseas

Hi and welcome to the forum, please contribute more. But I have to ask though who would be stupid enough in your opinion to firstly have more than US 10K in one Filipino bank account let alone others?
All our dollars are offshore and guaranteed and then some. feed it in as needed.
OMO.

Cheers, Steve.

manwonder :

Kernow 2017;

Lucky you!

International Living ranked Panama the world's best retirement haven on its 2019 annual list.

Best wishes
Cheers

Then again a certain FBAR expert lived 11 years in Panama, moved to Iloilo.  This is not a joke.

Agreed with bigpearl;

"Feed Usd Back As Required"
Oooppps...same us fm Singapore

Cheers

bigpearl :
Fiveboy :

Its not FUBAR its FBAR and its anything but a joke.

If you are a US citizen with a foreign bank account which has had a balance of ten thousand USD or more for ANY period of time during the year, you are required to report it before June 30. There is no extension. The penalty is 50% of what is in the account or $10,000 - whichever is more!!

Foreign Bank Account Report
You may have heard of FBAR filing, but you don't know what it is. FBAR stands for “Foreign Bank Account Report”, and refers to FinCen Form 114, Report of Foreign Bank and Financial Accounts.
americansoverseas.org › ... › Explanation of the US tax system
What is FBAR and FBAR filing? | Americans Overseas

Hi and welcome to the forum, please contribute more. But I have to ask though who would be stupid enough in your opinion to firstly have more than US 10K in one Filipino bank account let alone others?
All our dollars are offshore and guaranteed and then some. feed it in as needed.
OMO.

Cheers, Steve.

A lot of foreigners build houses. That usually requires lots of cash being transferred in within short periods of time. It can go over $10k at once.

They buy cars too, which can have the same effect.

When you transfer money in for large purchases it will briefly be in one bank account generally speaking even though it may be more than 10k.

Do you have more than one dollar account that you transfer money into for large purposes so as to not go over the 500KPHP limit at any one time?

But I under stand what you are really saying. And you did not have to call people stupid. Some expats may not know about the 500K PDIC limit. That does not make them stupid and there are better ways of stating what you said, e.g. this post

Fiveboy :

Its not FUBAR its FBAR and its anything but a joke.

If you are a US citizen with a foreign bank account which has had a balance of ten thousand USD or more for ANY period of time during the year, you are required to report it before June 30. There is no extension. The penalty is 50% of what is in the account or $10,000 - whichever is more!!

Foreign Bank Account Report
You may have heard of FBAR filing, but you don't know what it is. FBAR stands for “Foreign Bank Account Report”, and refers to FinCen Form 114, Report of Foreign Bank and Financial Accounts.
americansoverseas.org › ... › Explanation of the US tax system
What is FBAR and FBAR filing? | Americans Overseas

You also need to know that it is not $10,000 in one account at one time.

It is $10,000 in the aggregate of all accounts of all types in all foreign banks in which you have said accounts at one time.

LemSaDipolog :

At at least the two rural banks i mentioned you are not correct, but they are 2 of the biggest.  I have cashed in a 6% at Katipunan and received the full principal after only 1.5 years.  The same policy applies at Rizal.  They also offer 1,3,6month 1 yr deposits at lesser amounts.  The taxes are just as you said earlier.

Not sure what you are talking about being incorrect. but just in case it is about being able to cash out early, then remember the N in the LTNCD. The ones you cashed out were likely not negotiable instruments. Otherwise you cannot cash them out early - they would have to be marketed on the secondary market as explained in previous post.

also, anything less than 5 years is not technically long term

Then again a certain FBAR expert lived 11 years in Panama, moved to Iloilo.  This is not a joke.


Forgive me but Im new on this forum. Where's the "joke" and what's your point?
Is this forum like many others just a place for snipers to take aim, or is there a helpful community?

I moved to Iloilo because its much much nicer and more interesting than Panama and I am now married to the most amazing, genuine woman I have ever known in my life (and I have an honorary PhD in that area).

Citing International Living gives me insight into your actual awareness level.

Thanks for the snark though. I hope it served your needs.

Fiveboy :

Then again a certain FBAR expert lived 11 years in Panama, moved to Iloilo.  This is not a joke.


Forgive me but Im new on this forum. Where's the "joke" and what's your point?
Is this forum like many others just a place for snipers to take aim, or is there a helpful community?

I moved to Iloilo because its much much nicer and more interesting than Panama and I am now married to the most amazing, genuine woman I have ever known in my life (and I have an honorary PhD in that area).

Citing International Living gives me insight into your actual awareness level.

Thanks for the snark though. I hope it served your needs.

You are too sensitive.

The operative word in what you wrote is ‘know.’ And that knowing is really all about really knowing them?

Fiveboy :

Then again a certain FBAR expert lived 11 years in Panama, moved to Iloilo.  This is not a joke.


Forgive me but Im new on this forum. Where's the "joke" and what's your point?
Is this forum like many others just a place for snipers to take aim, or is there a helpful community?

I moved to Iloilo because its much much nicer and more interesting than Panama and I am now married to the most amazing, genuine woman I have ever known in my life (and I have an honorary PhD in that area).

Citing International Living gives me insight into your actual awareness level.

Thanks for the snark though. I hope it served your needs.

Sorry if you were offended by my use of your description of FUBAR as not being a joke to site your expertise and experience in knowing that the Philippines is a better place to retire than Panama.  International Living is the true joke.  Lighten up.

Sorry guys..dun mean to be rude!!!
But can i laugh now?

:gloria

Philippine Destiny :
bigpearl :
Fiveboy :

Its not FUBAR its FBAR and its anything but a joke.

If you are a US citizen with a foreign bank account which has had a balance of ten thousand USD or more for ANY period of time during the year, you are required to report it before June 30. There is no extension. The penalty is 50% of what is in the account or $10,000 - whichever is more!!

Foreign Bank Account Report
You may have heard of FBAR filing, but you don't know what it is. FBAR stands for “Foreign Bank Account Report”, and refers to FinCen Form 114, Report of Foreign Bank and Financial Accounts.
americansoverseas.org › ... › Explanation of the US tax system
What is FBAR and FBAR filing? | Americans Overseas

Hi and welcome to the forum, please contribute more. But I have to ask though who would be stupid enough in your opinion to firstly have more than US 10K in one Filipino bank account let alone others?
All our dollars are offshore and guaranteed and then some. feed it in as needed.
OMO.

Cheers, Steve.

A lot of foreigners build houses. That usually requires lots of cash being transferred in within short periods of time. It can go over $10k at once.

They buy cars too, which can have the same effect.

When you transfer money in for large purchases it will briefly be in one bank account generally speaking even though it may be more than 10k.

Do you have more than one dollar account that you transfer money into for large purposes so as to not go over the 500KPHP limit at any one time?

But I under stand what you are really saying. And you did not have to call people stupid. Some expats may not know about the 500K PDIC limit. That does not make them stupid and there are better ways of stating what you said, e.g. this post

Sorry my bad but just picked up on this. Stupid is as stupid does. Just a reminder that PH. law only covers PHP 500K per individual or double for a couple, as another stated aggregate.
One cannot/should not move to a foreign country blindly whether the girls, the destinations, the cheaper way of life/retirement or even that countries liberal visa laws until they firstly do their homework and then boots on the ground and I could go on as I do and it's only my opinion and observations.

As for my comment "Who would be stupid enough?" Most learned people understand that as a generalisation and take that on board, some don't it seems.
We have 4 bank accounts here in PH. but two inactive in Manila for some years though we do deposit a couple of hundred pesos every 20 to 22 months to keep them alive.

Transferring large amounts of money for a property purchase or a motor car and the likes? Those funds were transferred from Australia directly to the recipients account and not to ours in PH. Extensions and renovations will also be paid to the recipients accounts from our bank in Oz.

We only have peso accounts and need nothing else as it appears our banking system in Oz caters for the lowly likes of me.

Cheers, Steve.

manwonder :

Sorry guys..dun mean to be rude!!!
But can i laugh now?

:gloria

go for it

bigpearl :
Philippine Destiny :
bigpearl :


Hi and welcome to the forum, please contribute more. But I have to ask though who would be stupid enough in your opinion to firstly have more than US 10K in one Filipino bank account let alone others?
All our dollars are offshore and guaranteed and then some. feed it in as needed.
OMO.

Cheers, Steve.

A lot of foreigners build houses. That usually requires lots of cash being transferred in within short periods of time. It can go over $10k at once.

They buy cars too, which can have the same effect.

When you transfer money in for large purchases it will briefly be in one bank account generally speaking even though it may be more than 10k.

Do you have more than one dollar account that you transfer money into for large purposes so as to not go over the 500KPHP limit at any one time?

But I under stand what you are really saying. And you did not have to call people stupid. Some expats may not know about the 500K PDIC limit. That does not make them stupid and there are better ways of stating what you said, e.g. this post

Sorry my bad but just picked up on this. Stupid is as stupid does. Just a reminder that PH. law only covers PHP 500K per individual or double for a couple, as another stated aggregate.
One cannot/should not move to a foreign country blindly whether the girls, the destinations, the cheaper way of life/retirement or even that countries liberal visa laws until they firstly do their homework and then boots on the ground and I could go on as I do and it's only my opinion and observations.

As for my comment "Who would be stupid enough?" Most learned people understand that as a generalisation and take that on board, some don't it seems.
We have 4 bank accounts here in PH. but two inactive in Manila for some years though we do deposit a couple of hundred pesos every 20 to 22 months to keep them alive.

Transferring large amounts of money for a property purchase or a motor car and the likes? Those funds were transferred from Australia directly to the recipients account and not to ours in PH. Extensions and renovations will also be paid to the recipients accounts from our bank in Oz.

We only have peso accounts and need nothing else as it appears our banking system in Oz caters for the lowly likes of me.

Cheers, Steve.

PDIC covers, for example, couples up to 2 million PHP.

500,000 PHP each separately and then the two can have two more 500,000 PHP accounts jointly.

https://www.philippinedestiny.com/2019/ … xpats.html

Each account must be 500k or less, that is why the joint account cannot be a single 1 million peso account.

There are a lot of reasons for temporarily going over the 500k limit. Not everyone has the same options and it is not always convenient. If one of the large banks is going to fail without warning in the short time in which one would be over the limit, then there are bigger problems afoot.

But, as my contact with Bangko Sentral tells me, just like in the US certain banks in the Philippines will not ever be allowed to fail. And if they ever do, then the entire global banking system has failed. In which case you better have lots of yams.

For USA citizens 500,000 pesos is right at the $10,000 mark concerning the extra reporting for FUBAR purposes, another item to keep in mind.

mugtech :

For USA citizens 500,000 pesos is right at the $10,000 mark concerning the extra reporting for FUBAR purposes, another item to keep in mind.

be careful

one of the grouches might bite you  :lol:

New topic