No, there is not much reciprocity in FATCA on the US end. Especially considering its Philippines its near 0 chance
Wikipedia :
Wikipedia :
- Lack of reciprocity. There is no US legislation to allow reciprocity, and as of 2017, no reciprocal data exchanges have taken place.[118] The model IGA states: "The Parties are committed to working with Partner Jurisdictions and the Organisation for Economic Cooperation and Development on adapting the terms of this Agreement and other agreements between the United States and Partner Jurisdictions to a common model︀ for automatic exchange of information, including the development of reporting and due diligence standards for︁ financial institutions." The president's budget for year 2014 included a proposal to allow the Treasury︂ Secretary to collect information which could be used for FATCA reciprocity.[119] The proposal stated︃ that its intent was to "facilitate such intergovernmental cooperation by enabling the IRS to reciprocate︄ in appropriate circumstances"; however, the proposal did not request to allow the Secretary to have︅ further transmittal authority. The president's federal budget proposals of 2014, 2015 and 2016 did not︆ list either costs or revenues for reciprocity implementation in any of the coming 10 years,thus︇ assuming that this collection was either cost neutral or, more logically, it would be interpreted︈ as not budgeted.[120][121] FATCA doesn't follow the principle of mutual benefit of international︉ bilateral agreements. IGAs were enforced under the imminent sanctions to foreign financial institutions, without any︊ benefit or reciprocity for the rest of the countries.
