Ownership of private land is allowed only for companies with up to 40% foreign equity. Beyond this, foreign-owned firms are only allowed to medium-term leases of land (50 years, renewable one for another 25 years). Foreign ownerhsip of condominium units (commercial or residential) is also limited to 40%
"Only the investment areas and/or activities listed in the attached Eleventh Regular Foreign Investment Negative List shall be reserved for Philippine nationals, subject to the exceptions and conditions indicated therein.
[...]
LIST A: FOREIGN OWNERSHIP IS LIMITED BY MANDATE OF THE CONSTITUTION AND SPECIFIC LAWS [...]
Up to Forty Percent (40%) Foreign Equity
17. Ownership of private lands (Art. XII, Sec. 7 of the Constitution; Sec. 22 of C.A. No. 141; Sec. 4 of R.A. No 9182) [...]" (Eleventh Regular Foreign Investment Negative List (Executive Order No. 65 / 2018))
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"ARTICLE XII - National Economy and Patrimony [...]
SECTION 2. All lands of the public domain, waters, minerals, coal, petroleum, and other mineral oils, all forces of potential energy, fisheries, forests or timber, wildlife, flora and fauna, and other natural resources are owned by the State. With the exception of agricultural lands, all other natural resources shall not be alienated. The exploration, development, and utilization of natural resources shall be under the full control and supervision of the State. The State may directly undertake such activities, or it may enter into co-production, joint venture, or production-sharing agreements with Filipino citizens, or corporations or associations at least sixty per centum of whose capital is owned by such citizens. Such agreements may be for a period not exceeding twenty-five years, renewable for not more than twenty-five years, and under such terms and conditions as may be provided by law. In cases of water rights for irrigation, water supply, fisheries, or industrial uses other than the development of water power, beneficial use may be the measure and limit of the grant. [...]
SECTION 3. Lands of the public domain are classified into agricultural, forest or timber, mineral lands, and national parks. Agricultural lands of the public domain may be further classified by law according to the uses which they may be devoted. Alienable lands of the public domain shall be limited to agricultural lands. Private corporations or associations may not hold such alienable lands of the public domain except by lease, for a period not exceeding twenty-five years, renewable for not more than twenty-five years, and not to exceed one thousand hectares in area. Citizens of the Philippines may lease not more than five hundred hectares, or acquire not more than twelve hectares thereof by purchase, homestead, or grant.
Taking into account the requirements of conservation, ecology, and development, and subject to the requirements of agrarian reform, the Congress shall determine, by law, the size of lands of the public domain which may be acquired, developed, held, or leased and the conditions therefor. [...]
SECTION 7. Save in cases of hereditary succession, no private lands shall be transferred or conveyed except to individuals, corporations, or associations qualified to acquire or hold lands of the public domain.[...]" (Art XII, Section 2, 3 and 7 of 1987 Constitution of the Republic of The Philippines)
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"Section 4 (coverage) "Any foreign investor investing in the Philippines shall be allowed to lease private lands in accordance with the laws of the Republic of the Philippines subject to the following conditions: (1) No lease contract shall be for a period exceeding fifty (50) years, renewable once for a period of not more than twenty- five (25) years, [...]."(RA 7652)
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"Sec. 5. Any transfer or conveyance of a unit or an apartment, office or store or other space therein, shall include the transfer or conveyance of the undivided interests in the common areas or, in a proper case, the membership or shareholdings in the condominium corporation: Provided, however, That where the common areas in the condominium project are owned by the owners of separate units as co-owners thereof, no condominium unit therein shall be conveyed or transferred to persons other than Filipino citizens, or corporations at least sixty percent of the capital stock of which belong to Filipino citizens, except in cases of hereditary succession. Where the common areas in a condominium project are held by a corporation, no transfer or conveyance of a unit shall be valid if the concomitant transfer of the appurtenant membership or stockholding in the corporation will cause the alien interest in such corporation to exceed the limits imposed by existing laws." (RA 4726)

Eleventh Regular Foreign Investment Negative List (Executive Order No. 65 / 2018)
Art XII, Section 2, 3 and 7 of 1987 Constitution of the Republic of The Philippines
Sec. 4, RA 7652
Sec. 5, RA 4726

[<a href="https://www.officialgazette.gov.ph/downloads/2018/10oct/20181029-EO-65-RRD.pdf">List</a>],[<a href="http://www.officialgazette.gov.ph/constitutions/1987-constitution/">Constitution</a>],[<a href="http://www.officialgazette.gov.ph/1993/06/04/republic-act-no-7652/">Act</a>],[<a href="http://www.lawphil.net/statutes/repacts/ra1966/ra_4726_1966.html">Act</a>]