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Only
Filipino citizens and corporations or partnerships with at least 60%
of the shares, owned by Filipino Nationals, are entitled to acquire
land in the Philippines.
Foreigners can not acquire land in the Philippines, except:
1. Acquisition thru hereditary succession in case the foreigner is a
legal heir
2. Purchase of not more than 40% of floor space in a condominium
project.
3.
Acquisition by a former natural born Filipino citizen who acquired
foreign citizenship can purchase up to 1,000 square meters of
residential land and 1 hectare of farm land.
For Business/Commercial Use: up to 5,000 square meters of urban or
up to 5,000 square meters of urban land.
Foreign nationals can enter into a lease agreement for an initial
period of up to 50 years, and have option rights for 25 years
extensions, and at the same time legally own the house on the leased
land.
Corporations can enter into leasing agreements in name of the
Corporation for an unlimited period of time
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