Don't bother registering it. Get an open deed of sale; if you crash it, leave it on the side of the road. Carry 1–2k and hand it over if you ever get pulled over, no issue. Having some kind of OR/CR copy is fine. I did that with two cars for over nine years, no issues, and eventually sold them on FB last year with the open deed of sale. The only reason my new one is registered is because the dealer threw in a few free years with the new-car purchase

I've driven here 20 years, motorbikes and cars, and never changed the owner's name. I buy and sell with an open deed of sale.

The seller can report to the LTO that he's already sold it. Then when it's time to renew the registration, you'll be required to register it in your name — plus pay the fine for not registering. If he doesn't report it, you should be fine as long as you don't get into an accident, because insurance usually won't pay out when it looks like you're driving a car someone else owns.

Get it from a dealership — they'll do it for you. I got the ORCR in my name in 30 days from a small dealership. They have connections at the LTO. Doing it yourself can be a nightmare, especially if the car is from a different island. They even let me take it to an official Subaru dealership for a full checkup, and it was only about 1,700 pesos. But I bring most parts from the US on my next trips and get it fixed at an independent shop for much cheaper (mostly suspension parts and the starter). Most Filipinos don't do a full transfer — they just fudge it with three signatures and copies of several owners' driver's licenses