If you let foreigners own land completely the Filipino people won't be able to afford anything in the city anymore. Look at countries like Canada and the UK where prices of real estate have been over inflated and that most locals live outside the CBD. Do we really want that ?
If you were to ask me what my biggest learning is in my LLM program so far, it's that the law is really not accessible, and we don't make enough efforts for it to be.