Under Philippine Law, Foreigners are not allowed to own land. However, they are allowed to own houses, condominiums, or other improvements which are considered mere accessories to the land on which these properties are located. For this reason, tax declarations or condominium certificate of titles (CCTs) for these properties (houses, condominiums, etc) may be issued by the government directly in the names of the foreigners.
Forming a 60% Filipino and 40% Foreign Corporation is the best option to owned land involving foreign entities. It is important to consult a lawyer and an accountant to know the pros and cons in pursuing this.