Moving to the Philippines

Moving or immigrating to the Philippines? Let us provide more information about your new home and how we can help you settle in and manage your finances.

Immigrating to the Philippines requires the relocation of your finances. Our experts at the International Banking Centre can answer your questions about banking in the Philippines and discuss the financial services you will need.

What you need to know

Background

Total population: 92.6 million (July 2008 estimate)

Languages: Filipino, English

Climate: Tropical and maritime; the Philippines generally has high temperature, high humidity and abundant rainfall. There are two major seasons in the Philippines; the rainy season is from June to November and the dry season is from December to May.

Traditional festivals: Being rich in local culture and religion, the Philippines has numerous festivals throughout the year. Some of the more notable festivals are the following:

Ati-Atihan which is widely celebrated in Kalibo, Aklan from 13 to19 January

Sinulog Festival which is celebrated in Cebu City on the third Sunday of January

Dinagyang Festival which is celebrated in Iloilo City from 25 to 26 of January

Moriones Festival which is celebrated in Marinduque from 10 to 16 April

Local information

Transportation: Buses, jeepneys, taxis, and railways are available throughout Metro Manila. The most popular form of local transportation is the jeepney – a locally produced mode of transport also known for its colourful decorations and artistic designs.

Banking hours: From 9 am to 4 pm, Monday to Friday; ATMs are available in convenient locations throughout the country. All the main credit cards and travelers cheques are accepted in major institutions.

Electricity: 220 volts, AC 60 cycles, Most hotels have 110-volt outlets.

Plug type: Mostly round wall sockets.

Health: There are numerous hospitals and health centers scattered across major cities like Metro Manila, Cebu, Davao etc. A number of them compare favourably with those in Western countries.

Education: Literacy rate in the Philippines is considerably high.

Exchange rate: The Philippines uses a floating exchange rate.

Taxation: Some types of tax imposed in the Philippines are: capital gains tax (ranges from 5 per cent to 10 per cent); documentary tax is based on any document/agreement and its rate is dependent on the type of document; donor's tax; estate tax and income tax (ranges from 5 per cent to 59 per cent); value-added tax; withholding tax; and excise tax.

For more information on Philippine taxation, please visit www.bir.gov.ph.

Visas

Passport validity: For tourist visas, passports are required to be valid for at least another six months.

Visitor's visas: Nationals from some countries are allowed to enter and stay in the Philippines until 21 days without a visa provided they hold valid tickets to depart the Philippines for another destination and their passports are valid for at least another six months¹.

Visa application: For tourist visas, the applicant does not have to appear in person before the consular officer, but the application form should be notarized by a local notary public. For student visas, applicants should appear in person to submit the documents to the consular officer and embassy for an interview. Other types of visas available in the Philippines are the treaty traders/investors visa, pre-arranged employment visa, special resident retirees visa (SRRV) and immigrant visa.

For more information on Philippines Visa, please visit www.gov.ph

Driver's license: This can be obtained through the Land and Transportation Office. Applicants must have the following:
(1) An accomplished application form
(2) Valid student permit (for new applicants); original and photocopy of expired license (for renewals, if old driver's license is not in English is then a translation from the embassy or consular office is required)
(3) Medical certificate (from an LTO accredited or Government physician) or valid AFP/PNP organic personnel ID; negative drug test result (from a Department of Health accredited drug testing center)
(4) Taxpayer's Identification Number (TIN)
(5) Passing results on the written and practical exam

Your valid foreign driver's license can be converted into a Philippine driver's license without any exam if it is still valid. If the license is expired, then you must take the written/practical exams. However, please note that a foreign driver's license is not acceptable for conversion into the Philippine driver's license if it is not written in the English language or the country of origin of the license has no embassy in the Philippines.²

If you have a valid foreign driver's license, this can be used in the Philippines up to three months from the date of your arrival here.³

Please visit www.lto.gov.ph for more information on driver's licenses.

Accommodation

Most forms of accommodation in the Philippines are apartments in high rise buildings. There are also numerous housing communities that offer more secure living arrangements.

How we can help you

Banking services

HSBC’s range of personal current, savings and time deposit accounts allow you to find the best way to manage your money. And from our selection of credit cards you can find the right one to achieve the level of spending power and recognition that suits you:

• HSBC Premier
  World-class wealth management services, offering an integrated account, personal attention through your own relationship manager, plus global benefits and privileges
  
  
• Powervantage
  A priority package with personal services to empower the management and growth of your wealth, so that you can enjoy life at its fullest
  
  
• Savings and current accounts
  HSBC offers a range of savings and deposit accounts, in Philippine peso and foreign currencies, which enable you to easily accumulate capital and manage your finances
  
  
• Philippine peso/foreign currency time deposit
  Deposits accounts with a fixed tenor to earn you higher interest
  
  
• Credit cards*
  A wide variety of credit cards with offers and rewards tailored to your individual preferences and needs
  
  
• Loans*
  HSBC's diverse range of credit products can help you meet your financial needs. From long-term borrowing, to short-term borrowing for unexpected financial emergencies, HSBC loans are sure to provide you with the financial freedom you require.
  
  
• Insurance services
  Referrals to HSBC Insurance Brokers will give you a wide range of options. Consultants are committed to making insurance easier for you. They'll provide you with all the information you need and help you process your application.
  
  
• Investment services
  Whether you desire to expand or to safeguard your wealth, you can be confident that we have the solution to realise your goals. Rest assured, at HSBC your savings and investments are in good hands.
  
  Our global network enables us to refer you to specialists within the HSBC Group offices should you need assistance with your offshore investments and other Private Banking needs.
  
  For more information on wealth management options, visit any of our HSBC Premier Centres or call our HSBC Premier Phonebanking Centre at + 63 (2) 858 0800.
  
  

*Issuance is subject to local regulatory restrictions and requirements.

Ways to bank

Access to your account in the Philippines is easy, wherever you may be. With HSBC's Personal Internet Banking and our Phonebanking service, you can manage your finances anywhere, 24 hours a day, 7 days a week. Furthermore, with our new security device to access HSBC's Personal Internet Banking, you can be assured that your information is being protected by one of the most sophisticated online security systems.

Children's education

Finding the right school for your children will no doubt be an utmost priority if you are moving your family overseas. Depending on where you move to, you will have a few options to ensure your children's education does not suffer.

International schools
If your children attend an international school here in the Philippines, you may want to find a similar school in the city to which you are moving. Find out if there is a suitable school where you will be relocating by searching the directory of international schools on the internet.

There are a number of international schools in the Philippines. The table below shows some of the schools and the educational levels that they offer.

School	Educational Levels available	Location	Website
The British School Manila	Primary, Secondary, International Baccalaureate	Metro Manila	www.britishschoolmanila.org
Brent International School Manila	Primary, Secondary, International Baccalaureate	Baguio, Boracay, Metro Manila, Laguna, Subic	www.brent.edu.ph
European International School		Parañaque	www.eis-manila.org
Faith Academy	Primary, Secondary	Manila, Davao	www.faith.edu.ph
International British Academy	Primary, Secondary	Taguig City	www.ismanila.org
Southville International School and Colleges	Primary, Secondary, International Baccalaureate, College	Parañaque City, Las Piñas City	www.sville.edu.ph
Cebu International School	Primary, Secondary	Cebu	www.cis.edu.ph
Harvest Christian School International	Primary, Secondary	Cebu	www.hcsinternational.org

Local schools
If you are going to stay a while in the country you are moving to, you may want to consider enrolling your children in a local school. Contact the embassy of the country you are moving to for a list of schools and the application procedures.

*Local policies apply