[lawrence01]

Just for informational purposes for others who wants more info regarding Dual-Citizenship I am posting a link to the FAQs here.
Retaining/re-acquiring Filipino Citizenship is up to the individual. There have been many proposals to re-impose it or repeal the current sections regarding taxation to non-residents but it hasn't prospered to my knowledge.

Some excerpts since the issue of double taxation is always a valid issue when it comes to dual-citizenship. Any further details should be best discussed with a lawyer:

Will I now be required to pay income tax and other taxes? Am I exempt from paying the travel tax?

In accordance with existing laws, income earned in the Philippines is subject to the payment of tax. Filipinos who re-acquire citizenship and opt to reside and work in the Philippines will pay the income tax due at the end of each fiscal year. They are also subject to other obligations and liabilities, such as the community tax and residence tax.

Countries routinely forge bilateral agreements in order that their respective citizens who earn income overseas do not pay income tax twice.

Filipinos who have re-acquired citizenship, as long as they reside permanently overseas, also enjoy the travel tax exemption extended to Filipino citizens permanently residing in other countries, the OFWs and their dependents.

*See: http://www.gov.ph/faqs/dualcitizenship.asp




*Current existing law about income taxes for income of non-resident Filipino Citizens not derived or sourced within the Philippines:

CHAPTER II - GENERAL PRINCIPLES
SEC. 23. General Principles of Income Taxation in the Philippines. - Except when otherwise provided in this Code:
(A) A citizen of the Philippines residing therein is taxable on all income derived from sources within and without the Philippines;
(B) A nonresident citizen is taxable only on income derived from sources within the Philippines;
(C) An individual citizen of the Philippines who is working and deriving income from abroad as an overseas contract worker is taxable only on income derived from sources within the Philippines: Provided, That a seaman who is a citizen of the Philippines and who receives compensation for services rendered abroad as a member of the complement of a vessel engaged exclusively in international trade shall be treated as an overseas contract worker;
(D) An alien individual, whether a resident or not of the Philippines, is taxable only on income derived from sources within the Philippines;
(E) A domestic corporation is taxable on all income derived from sources within and without the Philippines; and
(F) A foreign corporation, whether engaged or not in trade or business in the Philippines, is taxable only on income derived from sources within the Philippines.

*Source: http://www.bir.gov.ph/taxcode/1560.htm
http://www.bir.gov.ph/taxcode/taxcode.htm