The Foreign Investment Act (FIA) recognizes the rights of former natural born Filipinos. They are granted same investment rights as Filipino citizen in activities such as cooperatives, thrift banks and private development banks, rural banks and financing companies. In addition, under Section 1 of the FIA as amended by RA 8179, “Any natural born citizen who has lost his citizenship, and who has legal capacity to enter into a contract under Philippine laws may be a transferee of a private land to be used by him for business or other purposes up to a maximum area of five thousand (5,000) square meters in the case of urban land or three (3) hectares in the case of rural land.”