I have lived in Manila for 29 years, and I have made every effort to understand all the financial implications for US expats. I have learned the urgent importance of advance preparations for a move to the Philippines. I recommend that one study Mark Nestmann's "Lifeboat Strategy." Not cheap, but the best advice I have uncovered. Check at www.Nestmann.com. It covers strategies regarding banking, movement of funds, tax obligations, investment opportunities, international trusts and more.