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Advice buying truck in philippines


hilyfe

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On 8/3/2018 at 4:35 AM, cookie47 said:

yet they already asked me at the time. They are getting pretty nosy lately.

True, although not car related we!!! (my wife) has bought a new house in Consolacion.
The questions from both Australia and Metrobank were very intrusive.I had to write a letter to both banks and (my wife) take a phone call from Manila explaining how we obtained the funds (which peeeed me right off) no end.
So just saying..... the landscape may have changed. All the other members have given you many years of experience and excellent info but I'm just giving you a "heads up" what has happened recently.

All money's were legit and took 5 "extra days" for Metrobank to release money..


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You can thank the US for the intrusive questions as they imposed FATCA which REQUIRES the banks to report back to the US all US persons that have banks accts otherwise they will be shut off from internation transfers of money. FATCA begat GATCA which is:

OECD Delivers New Global Standard for Automatic Exchange of Tax Information On February 13, 2014 the OECD has presented a report on a global standard for Automatic Exchange of Tax Information between countries. Attached to this report are a model agreement, for the use of countries wishing to engage in automatic exchange of information, and Common Reporting Standards which include suggestions for reporting and due diligence requirements countries can impose on the financial institutions. These standards are the next step from FATCA to GATCA, a Global Account Tax Compliance Act

As for taking cash and "declaring" it to someone. That is what all the reports say but who do you report it to as to my knowledge there is no form, agency, or person to declare to. However if you pass thru the US or originate from the US there is the CIVIL ASSET FORFEITURE LAW. 

From Wikipedia, the free encyclopedia
 
 

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Civil forfeiture in the United States, also called civil asset forfeiture or civil judicial forfeiture[1] or occasionally civil seizure, is a legal process in which law enforcement officers take assets from persons suspected of involvement with crime or illegal activity without necessarily charging the owners with wrongdoing. While civil procedure, as opposed to criminal procedure, generally involves a dispute between two private citizens, civil forfeiture involves a dispute between law enforcement and property such as a pile of cash or a house or a boat, such that the thing is suspected of being involved in a crime. To get back the seized property, owners must prove it was not involved in criminal activity. Sometimes it can mean a threat to seize property as well as the act of seizure itself.[2] In 2015, Eric Holder ended "adoptive forfeiture" which occurred "when a state or local law enforcement agency seizes property pursuant to state law and requests that a federal agency take the seized asset and forfeit it under federal law" due to abuse.[3] Although states proceeded to curtail the powers of police to seize assets, actions by the Justice Department in July 2017 have sought to reinstate police seizure powers that simultaneously raise funding for federal agencies and local law enforcement.[

In other words they can just take the money away from you and you will have a heck of a time getting it back, at tremendous expense, if ever. My suggestion, don't do the cash gig unless you feel lucky.

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When I was shopping for my truck I found that Cebu dealers added on p40K or more delivery charge so I bought it from a Manila dealership and drove it down.  The wife and I made a vacation of it but di

Can't give much advise on what brand because everyone has their own preference or where to buy but I can give you a very valuable piece of info I learned the hard way. Never under any circumstances al

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12 hours ago, hilyfe said:

Ok how about if i open a pnb acount here in hawaii

Deposit the money therr and take it out in phils

I dont have an account in phils.

Im talking about  wire the koney to toyota account?

Yes, assuming they will accept and wait for the wire transfer. 

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cookie47
You can thank the US for the intrusive questions as they imposed FATCA which REQUIRES the banks to report back to the US all US persons that have banks accts otherwise they will be shut off from internation transfers of money. FATCA begat GATCA which is:
OECD Delivers New Global Standard for Automatic Exchange of Tax Information On February 13, 2014 the OECD has presented a report on a global standard for Automatic Exchange of Tax Information between countries. Attached to this report are a model agreement, for the use of countries wishing to engage in automatic exchange of information, and Common Reporting Standards which include suggestions for reporting and due diligence requirements countries can impose on the financial institutions. These standards are the next step from FATCA to GATCA, a Global Account Tax Compliance Act
As for taking cash and "declaring" it to someone. That is what all the reports say but who do you report it to as to my knowledge there is no form, agency, or person to declare to. However if you pass thru the US or originate from the US there is the CIVIL ASSET FORFEITURE LAW. 
From Wikipedia, the free encyclopedia     Jump to navigationJump to search
Civil forfeiture in the United States, also called civil asset forfeiture or civil judicial forfeiture[1] or occasionally civil seizure, is a legal process in which law enforcement officers take assets from persons suspected of involvement with crime or illegal activity without necessarily charging the owners with wrongdoing. While civil procedure, as opposed to criminal procedure, generally involves a dispute between two private citizens, civil forfeiture involves a dispute between law enforcement and property such as a pile of cash or a house or a boat, such that the thing is suspected of being involved in a crime. To get back the seized property, owners must prove it was not involved in criminal activity. Sometimes it can mean a threat to seize property as well as the act of seizure itself.[2] In 2015, Eric Holder ended "adoptive forfeiture" which occurred "when a state or local law enforcement agency seizes property pursuant to state law and requests that a federal agency take the seized asset and forfeit it under federal law" due to abuse.[3] Although states proceeded to curtail the powers of police to seize assets, actions by the Justice Department in July 2017 have sought to reinstate police seizure powers that simultaneously raise funding for federal agencies and local law enforcement.[
In other words they can just take the money away from you and you will have a heck of a time getting it back, at tremendous expense, if ever. My suggestion, don't do the cash gig unless you feel lucky.
Well thanks for that interesting reply,
Fortunately now we are " All done and dusted" (Aussie slang , meaning completed).

Now just sitting back in retirement enjoying Cebu..


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7 hours ago, Daddy said:

Automatic Exchange of Tax Information On February 13, 2014

The AEOI started in 2017. However, , most countries start in 2018 and then 2019.

Your bank (or banks) should have contacted you around 2016 , so you can take action, meaning if you did not declare an account you can decide what to do. Most countries have an amnesty. If you did not take action...well that might be a problem....

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cookie47
The AEOI started in 2017. However, , most countries start in 2018 and then 2019.
Your bank (or banks) should have contacted you around 2016 , so you can take action, meaning if you did not declare an account you can decide what to do. Most countries have an amnesty. If you did not take action...well that might be a problem....
Well, as i previously stated its all done now. "They"?? must have been ok with it otherwise we would have heard i guess.(our accountant didn't mentioned it). If they want to chase two old pensioners using their savings to retire in the Philippines good luck because we haven't got much left now, hahaha..... So now I'm going to bow out of this thread.....

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streak03

I bought a new Mazda BT-50 when I was home in June.  I had my bank in the US send the money to my wife's account in BDO, no problem.  Had to let BDO know that there was a large transfer coming in.

That's a nice truck you're getting.  I looked at them before I bought the Mazda.

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hilyfe
1 hour ago, streak03 said:

I bought a new Mazda BT-50 when I was home in June.  I had my bank in the US send the money to my wife's account in BDO, no problem.  Had to let BDO know that there was a large transfer coming in.

That's a nice truck you're getting.  I looked at them before I bought the Mazda.

Yup i like that truck really bad

I plan on lifting it up maybe about 3 inchess for a bigger ko2 tires

And turn it in to that tonka truck

2017-toyota-hilux-tonka-concept-front-three-quarter-08-2-1.jpg

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Mandingo

Can't give much advise on what brand because everyone has their own preference or where to buy but I can give you a very valuable piece of info I learned the hard way. Never under any circumstances allow anyone but you to drive your vehicle when you are away.

If you are go back home take every key with you,  put a steering wheel club lock on it, chain the bumper (or whatever) to the biggest pole/column/structure you can find and threaten everyone with bodily harm if it moves :)

 

 

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cogon88

Here is a comparison of the trucks available, In my opinion the Hi-lux is way over priced and 2 much money. When you look at the specs the Mazda BT-50 4x4 is better in many categories also is cheaper Free 3 year service plus free oil changes I decided to by The BT-50 / Toyota is 6,000 Piso per oil change on my Fortuner / Mazda is Free for up to 100,000 K

https://www.autodeal.com.ph/cars/compare/mazda+bt-50+3-2-4x4-at+vs+toyota+hilux+2-4-g-dsl-4x2-at+vs+isuzu+d-max+3-0-ls-4x2-mt

Enjoy your truck suggest you get the 4x4 though instead of a 4x2

Tom

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streak03

Yes, the free 3 year service was a huge factor in my decision to buy that Mazda. fecking Ford Negros charged my wife 13k peso for an oil change about six months ago for our Everest.  Ford also told her that if we didn't use the dealer for oil changes, it would void the warranty.  Well, that's bullshit too.  I sent several emails and after a lot of back and forth with Ford Philippines, they finally admitted that no, it wont void the warranty if you do not use a Ford dealer.  

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cookie47

Hi,
I've notice in this thread that 4x4,s are being discussed.
As I'm an Aussie 4x4 tragic you might like to view this free on line magazine. I get it every month.. It reminds me of Aus whilst in PH

Unsealed4x4.com.au.(i tried to copy link without success,) so i typed it.. Google if needed..

Thumbs up for BT50 and DMAX.
Very popular in Australia Although i haven't owned one...





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Headshot
9 hours ago, hilyfe said:

Yup i like that truck really bad

I plan on lifting it up maybe about 3 inchess for a bigger ko2 tires

And turn it in to that tonka truck

2017-toyota-hilux-tonka-concept-front-three-quarter-08-2-1.jpg

You should install RC equipment into it, so you can drive it remotely... 

:ROFLMAO::ROFLMAO::ROFLMAO:

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SkyMan
9 hours ago, hilyfe said:

Yup i like that truck really bad

I plan on lifting it up maybe about 3 inchess for a bigger ko2 tires

And turn it in to that tonka truck

2017-toyota-hilux-tonka-concept-front-three-quarter-08-2-1.jpg

You know the wider you set those tires out the more difficulty you'll have driving in the city, if that is a factor.

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Yup i like that truck really bad
I plan on lifting it up maybe about 3 inchess for a bigger ko2 tires
And turn it in to that tonka truck
2017-toyota-hilux-tonka-concept-front-three-quarter-08-2-1.thumb.jpg.c4af92b9b244cb9f699bfce01da5a29f.jpg
Thought you were a " hummer " guy !

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hilyfe
7 hours ago, Mandingo said:

Can't give much advise on what brand because everyone has their own preference or where to buy but I can give you a very valuable piece of info I learned the hard way. Never under any circumstances allow anyone but you to drive your vehicle when you are away.

If you are go back home take every key with you,  put a steering wheel club lock on it, chain the bumper (or whatever) to the biggest pole/column/structure you can find and threaten everyone with bodily harm if it moves :)

 

 

I have a friend i can trust that drives it around once a month

 

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