Source : http://real-estate-guide.philsite.net/balikbayan.htm
If a former Filipino who is now a naturalized citizen of a foreign country does not want to avail of the Dual Citizen Law, he or she can still acquire land based on BP (Batas Pambansa) 185 & RA (Republic Act) 8179 but limited to the following:
For Residential Use (BP 185 - enacted in March 1982):
Up to 1,000 square meters of residential land.
Up to one (1) hectare of agricultural of farm land.
For Business / Commercial Use (RA 8179 - amended the Foreign Investment act of 1991):
Up to 5,000 square meters of urban land.
Up to three (3) hectares of rural land.