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What to do with funds if war breaks out?

empleyado · 20 · 3163

empleyado

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on: May 14, 2014, 10:13 AM
If for example, war breaks out between the Philippines and another country, what should we do with our funds that are invested via various brokers and banks? Should we pull out all these investments? After pulling out the the cash, where should we put it? Hide it (bury it somewhere, etc), or transfer it to an overseas bank somehow?


richpulubi

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Reply #1 on: May 14, 2014, 02:01 PM
Open an account abroad.


GIG

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Reply #2 on: May 14, 2014, 06:41 PM
if its really war and not the china phil tit for tat . . . liquidate and head to the US.


pulubing_palaboy

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Reply #3 on: May 15, 2014, 12:02 AM
^^ IF you have a valid visa :)


jevssss

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Reply #4 on: May 16, 2014, 04:51 PM
transfer muna sa paypal or foreign banks


GIG

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Reply #5 on: May 16, 2014, 06:42 PM
I keep mine active and valid.


mick.jairo

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Reply #6 on: May 17, 2014, 12:44 AM
Be wary of conscription though, and i dont think one can simply escape if a war breaks out. Because before you know it, a country's best offense is surprise unpredictable attack. Keeping an emergency fund such as gold is the best solution, afterall, economies such as stock trading will be suspended during wartime.
ANYWAY, China will never go to war, it's just their growing foreign policy to show force. And dont think that with the EDCA PH will be protected we will be in ruins before even the US Congress approves military support.


vicces

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Reply #7 on: May 17, 2014, 07:29 AM
^agree. liquidating assets to turn them into cash may not only be difficult, but also impractical and useless because in most cases, the currencies ofthe warring states get devalued during war time. gaya nung panahon ng hapon, di ba daw bayung-bayong na pera ang kailangan just to buy a piece of bread. know first which asset type has not lost value (gold usually soars as best cash alternative) or commodities that have become valuable or indispensable and stock up on it.


rodeo

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Reply #8 on: May 17, 2014, 08:45 AM
Open an account abroad.
Hello Sir and some other Guys who can help, Do you have any idea if there is any bank here in the Philippines that you can open an account and at the same time you can access the account withdrawals and its deposits in the USA?  I think it is possible with Citibank, but have yet to inquire from them....  Me and my wife are planning to stay for good out of the Phils in a couple of months, planning to bring with us the retirement fund that I will be getting from my employer....  it's about 8 digits sum of money in pesos to be converted in USD in that same bank, my worry is the IRS which may charge us with fee for bringing that money in their country....  and also what about the AMLAC here in our country, just don't have any idea.....  I am already 55 and my wife is 48 y/o....  We will be leaving in our country some existing investments we placed just a couple of years ago from UITF, Mutual funds, TD, RE, PagIbig Fund and stock market, and maybe look back into these investments after five years....  Thank you sa mga mag-rereply, we just really need some good advise from you guys.... Sorry if this Post is OT.....  just want to get feedbacks....


richpulubi

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Reply #9 on: May 17, 2014, 09:54 AM
If you're not a US citizen, nor are you working there, then you should be ok with the IRS.  If all your cash is legit, then AMLA is also no issue.  Definitely, moving sums above $10K will trigger a flag, but kung legit, no worries.  In fact the US WANT you to send and invest money there!

How are you migrating?  Investor visa ba po?  Immigrant ba?

The easiest is to open with HSBC premier.  Open an account here, then open an account there.  Then, moving funds to and fro is like having a single account.  If you want to stay legit, only use banks and either wire the funds or transact through this bank.

FYI, if your concern is BIR, then don't open with Citibank.  Cuz, there is no bank secrecy with US banks, and BIR can look at your Citibank account(as to contrast, they can't look into your local accounts without a court order), if they should choose to.

Wow, 8 figures!  Balato naman!
« Last Edit: May 17, 2014, 11:14 AM by richpulubi »


rodeo

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Reply #10 on: May 17, 2014, 12:02 PM
If you're not a US citizen, nor are you working there, then you should be ok with the IRS.  If all your cash is legit, then AMLA is also no issue.  Definitely, moving sums above $10K will trigger a flag, but kung legit, no worries.  In fact the US WANT you to send and invest money there!

How are you migrating?  Investor visa ba po?  Immigrant ba?

The easiest is to open with HSBC premier.  Open an account here, then open an account there.  Then, moving funds to and fro is like having a single account.  If you want to stay legit, only use banks and either wire the funds or transact through this bank.

FYI, if your concern is BIR, then don't open with Citibank.  Cuz, there is no bank secrecy with US banks, and BIR can look at your Citibank account(as to contrast, they can't look into your local accounts without a court order), if they should choose to.

Wow, 8 figures!  Balato naman!
Sir RP, Hard earned money for 35 years of employment, my first and last employment job here in our country I suppose, at the age of 20 before joining the Company, problema ko ang walang pera, now that I am retiring, problema din pala ang wealth preservation, hahaha... migration through my daughter's petition.  Thank you sa HSBC premier and sa possible taxes info, I will definitely look into these...
« Last Edit: May 17, 2014, 12:08 PM by rodeo »


wilch23

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Reply #11 on: May 17, 2014, 10:07 PM
Better run with your cash in a backpack! Haha


GIG

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Reply #12 on: May 19, 2014, 12:42 PM
Better run with your cash in a backpack! Haha

agree gold is heavy in a back pack and besides you cant pay gold bars for a buko juice when you pass by one of them hehehe!


Devaluation is a lesser problem than getting out safely with your life and family intact don't you think?


richpulubi

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Reply #13 on: May 19, 2014, 02:04 PM
I keep most of my gold(90%) in a first world foreign country.  Just open an account in a bank, get a safe deposit box, and pay in advance for a few years.  Then buy gold bullion or coins, and keep in the SDB.  Make sure you leave instructions for the handling of the SDB to your heirs.

Then year to year, add a little gold, if your in  that country.


Langerhans

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Reply #14 on: May 19, 2014, 03:01 PM
^ Sir, curious lang, if you are a just on a tourist visa lang like going to hongkong or singapore (nearest to Pinas), you can open a bank account there and get a safety box too?


 


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