by sophocles » Thu Oct 17, 2019 11:41 pm
U.S. citizens are taxed on worldwide income - that includes income earned in the Philippines. Filipino citizens are taxed only on income derived from sources within the Philippines.
You may be subject to double taxation for income earned in the Philippines because the U.S. taxes based on citizenship, while the Philippines taxes based on income earned in the Philippines. However, you need to consult a tax attorney to verify if the U.S. and Philippines have a tax treaty to avoid double taxation of citizens.
As for owning real property in the Philippines, if you're a former natural born Filipino, you can acquire up 5,000 sqm (that's almost 54,000 square feet in the U.S.) of residential land, or 1 hectare (2.5 acres in the U.S.) of agricultural land. So, unless you plan to be a haciendera, you don't need dual citizenship to own land in the Philippines.
On the practical side, beware that if you are a dual citizen and you figure in a crisis overseas, either country of citizenship may end up not coming to your assistance on the assumption that your other country of citizenship is in a better position to assist you. You are dealing with a bureaucracy where task avoidance is the rule.
I would not advise you to apply for welfare (GSIS, SSS, Pag-ibig) as a dual citizen. In the first place, the welfare programs in the U.S. are more generous. More importantly, it would be better to leave welfare benefits in the Philippines to poor pinoys.