No Arthur....as far as I understand it there's no change to the Balikbayan entry privilege.
That visa-free benefit still applies.

This is a new scheme called "Long-Stay Visitor Visa Extension (LSVVE)"
Under this LSVVE, us foreigners can get longer visa extensions of 6 months each time now instead of the previous maximum 2 months extension each time.
It seems to suggest that the maximum stay given to non-visa nationals is 36 months, and visa-required nationals 24 months.
Visa cost is P11,500 for non-visa required nationals and P13,900.00 for visa-required nationals.

We may need to do some digging to undestand the nitty gritty.
Maybe those already there can help......I recall Tiger (Brian) recently did this one.

Brian ?????