Let's look at this a bit closer shall we, before we get too giddy! :-)
Say we buy our '38 in the UK for 1,500 quid and then spend the same again on shipping and insurance. The vehicle (which must of course be a left hooker) will then stand us at three grand when it hits the docks. Then the fun starts. That lovely Mr Philippine-Customs will immediately hit us for 40% import duty, taking us to 4,200, providing he accepts the vehicle value of 1,500 in the first place. The actual purchase price is irrelevant, so he may decide it's worth more,probably will, and tax accordingly. Note this tax is on both the vehicle value and the shipping + insurance. He then sticks 10% VAT on top of that, bringing us to 4,620 as a minimum, then comes the killer.
This is the Ad Valorem Tax on top of the lot, which runs from 15% to 100% and is based on engine displacement. Bearing in mind they class anything over 1.6L as a 'gas guzzler', I think we can guess where our 4.6 V8 Range Rover's going to get stuck, can't we children? But let's be optimistic and stab at 75% or GBP3,645. This takes us to a nice round eight grand and right slap bang into the normal selling range. We'd probably make more money working at 7-11 for a week. ;)
Add to this several other factors such as you can only import one vehicle at a time, you must have owned it for six months overseas before you can import it, you have to prove it was bought with money made overseas, not here and in addition, you can't then sell it for three years.
All this without even thinking of the hassle of dealing with Philippine custom and import departments (oh yes, you need permission to import even before you start - not automatically forthcoming and I guess they'd question the need to import a 15-20 year old vehicle), let alone getting it registered once here.
Also let's not ignore the nice customs guy at the port who's always wanted a Range Rover as well, and decides that now is as good a time as any to realise his dream. In fact yes, let's ignore that shall we? Otherwise our little head will start to hurt!
I'll stick to mucking around with railways I think