An old post, but here is my own experience regarding owning house and lot.
You can own the house but the land/lot has to be in a filipino name (wife/husbond, partner whatever). As one also stated above, it is possible to put it in your child(rens) name where you act as the legal guardian.
Another solution would be to put up a corporation and let the company lease the house/lot - then it belongs to the company - but the same problem arise since 51% of the company needs to be in filipino hands.
As far as taking your 87+ parent(s) to come live here, that's a really bad idea. Just read the Gene & Viol first comment on that - it's still true even 2 years later.
Every time I hear the ambulance here, I am always joking (in a nice way, of course) that people don't die of their injuries but of old age before they reach the hospital.