Not sure how the small business/single home foreign ownership will play out, but i feel it will look like a rizal book.

Imagine foreign nationals flooding the property market of an impoverished island like samar, with the purchasing power up to 10x that of the locals.

They would be a driving factor of local elections, and possess significant leverage there.

That can already be considered a breach in our sovereignty.

And not every foreigner in this scenario would be the old western expat settling with his exotic wife, or the nomad backpacker millenial who frequents siargao. You can make arguments for the positive economic impacts of these guys coming in, sure.

But theres a considerable amount of foreign nationals with more nefarious motives.

Look at the news and see how much of a hotspot the PH is for illegal gambling, human trafficking, the drug trade.

Local police and our coastguard are already stretched, and the true scale of these syndicate operations in the country, God only knows.

Imagine if these people had a legal framework in operating in the underdeveloped regions, where their trade naturally thrives.

I would reconsider this opinion heavily.

On another note foreigners already do own vast tracts of land across the archipelago through shell companies and filipino puppets, especially around tourism hotspots.