Yes, I'm happy to confirm that the rules were changed in 2001 (now that I've had chance to do some more research), and you're quite right.
It had escaped my attention that they'd done this because the last time I entered the Phils with the (ex) wife and got a Balikbayan stamp was in 2000, so I haven't had to 'test' the system since then.
Here are the current basic rules:
http://philembassy-uk.org/consular-m...ayan-privilege