Acquisition and ownership of land in the Philippines is restricted to Philippine citizens or corporations (at least 60% of equity is owned by Filipinos). To acquire ownership or a land, residential house and lot, or commercial building and lot, foreign investors may have to establish or invest in an existing Philippine corporation but in no case should their equity exceed 40% of the total capital of the corporation. However, a foreign investor may own condominium units or a townhouse (provided that the land on which the property is built is owned by a Filipino or a corporation of which at least 60% of the equity is owned by Filipinos).
See full article from Global Property Guide: Tax on Property Income in Philippines.
Nonresident (i.e. whose stay in the country does not exceed 180 days) foreigners are liable to tax on their Philippine-sourced income. Married couples are required to compute their individual income tax liability separately but they must file a joint tax return.
Nonresident foreigners are classified depending on business activities and the applicable taxation rules depend on this classification:
Nonresident foreigners engaged in trade or business in the Philippines
Nonresident foreigners not engaged in trade or business in the country