PRIVATE BANKING

 

With the Philippines now attracting international investors looking to set up business’s or simply take part in the booming property market, the question arises as to how easy it is to take capital out of the Philippines.

 

For decades the Philippines has imposed capital controls to prevent money flowing out of the country through its banking system and various laws. When you arrive in the country there are signs everywhere which talk about the amount of physical currency you can take out.

 

Philippine banks also impose restrictions on currency transfers from Pesos out of the country as this is banned by the central bank. If you have a Philippine bank with internet banking there are also restrictions on the amount of funds you can transfer out at any one time. This can be inconvenient if you have a large amount to send out of the country and will normally involve a visit to the bank.

 

The Philippine economy is currently expanding and the projection for the economy and the property market is positive. The country has also seen a large influx of foreign money as large companies look to become involved in current projects and future projects which are required to improve the highly inefficient transport and infrastructure in the Philippines.

 

With the Philippines now interesting the international business community many of the worlds largest banking corporations have set up operations in Manila or are in the process of entering this market.

 

Starwealth Consultancy & Services have been operating in Manila for the past few years and have specialized in helping international investors and businessmen. We provide a one stop shop helping investors to set up business in the Philippines and also bank accounts and provide ongoing advise.

 

Starwealth also has extensive experience of helping investors find suitable property investments in Manila. We offer a ‘one stop shop’ helping clients to buy, furnish plus rent and manage and eventually sell. We have good relationships with the international banks which enables us to assist investors in repatriating their funds out of the country.