I have the formula bleed kit and the connectors already, whats the best way to cut the hose? Ordinary box knife blade cutter will do? Or do i need a special hose cutter? Any links for video instructions is much appreciated. Cant find DOT 4 brake fluid in my area, any alternatives?

DOT4 fluid is available at any motorcycle, car workshop or petrol station.

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All the shops have here are DOT 3 brake fluids. Ive been searching everywhere for some DOT4 in my city to no avail. LBS doesn't carry either. Or shall i say my home/garage shop have more stuff e.g. special tools than the LBS.

Bike shops should carry dot 5.1 which will work (better at that).

A good bike shop will have a hydraulic line cutter.
If you're in NY or CT I can recommend a great shop that will do the whole thing for a very reasonable price.

Or buy one-
http://jagwireusa.com/index.php/products/v/hydraulic_hose_cutters

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I use a chisel when cutting teflon and rubber hoses which have stainless steel overbraid.

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Scott Foil Di2 2012
Scott Scale 35 2010

Most car brakes use Dot 4 or Dot 5.1. How do mechanic's in the Phillipines change car brake fluid then?

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Most mechanics here in the Philippines use Dot 3 brake fluid. Auto shops doesn't carry DOT 4, all they have are DOT 3...

Have you tried motorcycle shops for dot 4 or 5.1?