I ran across a column today in the Philippine’s Business Mirror, by John Mangun, “Fatca: A breach of Philippine sovereignty?”.
He’s essentially saying the same thing we have been saying in Canada. It’s good to see that some people in other countries are paying attention.
“The US government is, in effect, telling nations like the Philippines that their laws are not important and that other countries must serve American interests before their own. The fact that it costs more money for Philippine banks to comply with Fatca does not bother the US. The fact that foreign companies may be hesitant to invest in countries like the Philippines because of these additional and arbitrary financial-reporting requirements also does not worry Washington.”
He ends his column, with this,
“In any case, Fatca’s underlying agenda has been accomplished. Don’t even think of messing with Uncle Sam.”
I thought it was a good overview of FATCA and it’s impact. Good work, John Mangun.