Can a us citizen open an account In PNB Philippine national bank?

Answer 1

A US citizen can legally open a bank account with the Philippine National Bank after filling out and submitting special paperwork required of US citizens. Many foreign banks are no longer willing to open accounts for citizens of the United States due to passage of the Foreign Account Tax Compliance Act (FATCA). The paperwork and reporting requirements required by foreign banks that allow US citizens to open bank accounts are so onerous that many banks simply refuse to open accounts for US citizens. In addition, there are severe penalties for both the banks and US citizens who inadvertently or deliberately violate the rules and regulations imposed by FATCA.