Most foreigners are asking ownership not only in a corporation but also land but looks like it might that easy. It requires not only the amendment of constitution of the Philippines but also consensus of Filipino people.
Some proposed lists are: (as of Jan 18, 2018)
Removal of restrictions
1. foreign-owned investments houses and financial activities
2. practice of professions
3. foreign infrastructure contractors
Lowering the piad-up capital requirement
1. from $2.5 million to $ 200,000 for foreign retailer trade
Increasing foreign ownership
1. to 70% for Public Utilities (telecommunication & water) : It requires amendment of Public Service Act and the bill is already in the Congress.
Others
1. Mass media : easing of the foreign equity limitations imposed on marketing and advertising through the Internet.
2. supplies to state-owned corporations and agencies on a reciprocity basis
3. bath houses and massage clinics, wellness centers
4. allowing foreign pharmacists and forestry to practice their professions in the country, as long as it is under a reciprocity system.
5. ease the restrictions on education by limiting the 40 percent foreign equity rule only to basic education
6. high-level skills development