How do I apply for a Philippine bank account for investing/doing business in the Philippines?

Because of the policies of the International Anti-Money Laundering Alliance and the Central Bank of the Philippines, the handling of bank accounts in the Philippines has been tightened in recent years, and it has become increasingly tight.

According to the experience of the editor, the current supervision of bank accounts in the Philippines, although not as strict as in Europe, is N times stricter than mainland China.

According to the policy of the Central Bank of the Philippines, at least two valid documents are required to open a bank account in the Philippines. According to the policy of the Central Bank, for foreigners, passports and long-term visas such as work visas and retirement immigration visas are required. However, several banks only accept permanent visas and work visas are not acceptable.

This is still the most basic requirement. Some banks also need to provide utilities bills, work permits and other supporting documents.

As a foreigner, even if you can provide two valid documents, the bank will often refuse to open an account. There is a Shanghai boss with good English, holding a Philippine green card SRRV and passport. In order to open an account, he also ran three banks for a day before opening it.