Banking

The heart of the financial industry in the Philippines is situated in Manila, where numerous banks have a widespread presence throughout the country. The major banks, which also have branches in Dumaguete, include Metro Bank, BPI (Bank of the Philippine Islands), and China Banking Corp. In terms of assets, the largest are BDO and Union Bank. These banks provide a full range of traditional banking services, including checking, savings, and investment options.

Many foreigners opt to have their pensions and other foreign monthly payments sent directly to their bank accounts in Dumaguete. This choice is popular due to the favorable exchange rate, with, for example, US $1 typically converting to at least 50 Philippine pesos, as well as the convenience of easy access to their funds. Veritas Consulting Group (VCG) can guide you through the banking options available in Dumaguete, assisting you in selecting the most suitable bank and services to meet your financial needs.

Accounting

Maintaining a relationship with a knowledgeable accountant is of utmost importance, especially if you are required to file taxes annually in your country of origin. Even if you have previously engaged the services of an accountant or tax filing company to prepare your tax returns, it’s critical that they are aware of any potential tax liabilities or tax relief that may arise as a result of your relocation to a new country. Additionally, they should possess expertise in how the income tax department in your home country views your tax position when you are formally domiciled in a different country.

Veritas Consulting Group (VCG) can assist in connecting you with accountants who specialize in working with foreigners. These professionals are well-versed in the intricacies of cross-border taxation and can ensure that your financial affairs are managed in a manner that maximizes your benefits while maintaining compliance with tax regulations in both your home country and your new place of residence.

Taxes

Whether you are employed and earning an income in the Philippines or are self-employed, you are required to file Philippine tax returns. Additionally, if you own property in the country, it’s essential to be aware of the quarterly taxes you need to pay to the city, as well as the taxes associated with property sales. These obligations underscore the importance of having a strong relationship with a knowledgeable accountant who can provide guidance through the complexities of the tax system.

Veritas Consulting Group (VCG) can assist you by referring you to two reputable accountants, allowing you to select the one who best aligns with your needs and preferences. With their expertise, you can ensure that your tax responsibilities are managed effectively and in compliance with Philippine tax regulations.

Investment

When it comes to investments, many options available internationally are also accessible in Dumaguete. If you already have a trusted relationship with a financial adviser, it may be a good idea to maintain that connection. However, it’s important to note that in Dumaguete, investment advisers are typically not independent practitioners; they usually work in conjunction with a specific bank and are limited to offering investments selected by that bank.

To help you explore your investment options, Veritas Consulting Group (VCG) can refer you to two banks in Dumaguete. You can meet with them and evaluate the investment opportunities they can offer. This way, you can make informed decisions about how to preserve and grow your capital in your new financial phase.