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As a US citizen, even if you leave the proceeds in the Philippines you are still required to report the sale.
You would only pay tax on the gain (difference in cost and sale price).
If it cost you $190,000 and you sell for more than that you would pay tax on the amount over $190,000 you receive.
If you pay tax in the Philippines too, then you can use that as a credit on your US return. That 7% will help reduce your US tax on the sale. Form 1116 is used for that credit.
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Hi, just checking back to see if you responded and needed further information.