YES.
The Securities and Exchange Commission (SEC), in an opinion dated Feb. 6, 2012, stated that if the real property to be acquired is a condominium unit or any interest therein, the following rules should be taken into consideration:
If the condominium is set up on leased land, the condominium corporation may be wholly foreign-owned. Where the condominium corporation is a Filipino corporation which owns the land on which the condominium is located, no interest in the condominium may be transferred to foreign individuals or to corporations more than 40% of the capital stock of which is owned by foreign nationals. When the common areas are held by a condominium corporation, the transfer of condominium units to foreign individuals may be made only up to the point where it would not cause the foreign interest in such corporation to exceed 40% of its entire capital stock.