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||Are foreigners like our friend Peter Parker prohibited from owning real property in the
No. Foreigners can also acquire or purchase real property in the Philippines but only under the following circumstances:
Acquisition of real property by hereditary succession – Example: Peter Parker inherited the Philippine property (the property may have been acquired under the 1935 Philippine Constitution) from his relative.
Acquisition of real property under the 1935 Philippine Constitution.
Purchase of not more than 40% of the units in a condominium project in the Philippines.
Purchase by former natural born Filipino citizens, subject to the requirements or limitations prescribed by law:
acquisition shall not exceed 1,000 square meters for urban land or 1 hectare for rural land to be used solely for residential purpose of the transferee (Batas Pambansa Blg. 185) (under the Foreign Investment Code, Republic Act 8179, 5,000 square meters for urban land or 3 hectares for rural land for business or other pusposes of the transferee);
In case of married spouses, one or both of them may avail of the privilege provided that the total area shall not exceed the maximum limit in paragraph i;
When the transferee already owns urban or rural lands for residential purpose, he shall be entitled to acquire additional urban or rural land for residential purpose which, when added to those already owned by him, shall not exceed the maximum area allowed by law.