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Summary:

It looks to me like the RP Act of 2003 gives natural-born Filipinos a way to reaquire their Philippine citizenship after they’ve naturalized in another country (where previously only the children of Filipino citizens being born into citizenship in another country received dual citizenship).

The US government, however, has a statute which says that if you take the oath of a another country, you could lose your US citizenship.  But if your intention was not to renounce your US citizenship (which is presumed), then you won’t lose it just because you took a “routine oath of allegiance.”  They don’t endorse dual citizenship but they do allow for it.

----- FROM cfo.gov.ph :

Q: What is the Citizenship Retention and Re-acquisition Act of 2003?

Republic Act No. 9225 or the Citizenship Retention and Re-acquisition Act of 2003 is a law passed on 29 August 2003 which grants natural-born Filipinos who have lost their Filipino citizenship through naturalization in a foreign country, the opportunity to retain or re-acquire their Filipino citizenship.

Q: Is it possible for Filipino to hold dual citizenship or more than one citizenship at the same time?

Before the passage of R.A. 9225, dual citizenship of some Filipinos already existed as result of the operation of nationality laws. For example, a child born in the United States of America of Filipino parents is an American citizen under US law, and a Filipino citizen under Philippine law. The child's American citizenship is derived from the principle of jus soli or place of birth, while his Philippine citizenship is derived from the principle of jus sanguinis or citizenship of his parents.

The passage of R.A. 9225 makes it possible for Filipinos to hold dual citizenship through means other than by birth.

Q: With the passage of R.A. 9225, what happens to a natural-born Filipino who becomes naturalized in another country?

A natural born Filipino who becomes a naturalized citizen of another country is deemed not to have lost his/her citizenship under the provisions of the said law.

Q: What rights and privileges is one entitled to on re-acquiring Filipino citizenship?

Filipinos who re-acquire Filipino citizenship under this Act may once again enjoy full civil, economic and political rights under existing laws of the Philippines. Among these are:

-right to own real property in the Philippines
-right to engage in business or commerce as a Filipino
-right to practice one's profession in accordance with law
-right to travel with a Philippine passport
-right to vote in Philippine elections under existing laws
-other rights and privileges enjoyed by Filipino citizens

Q: As a Filipino citizen, can one's spouse who is a foreign national live in the Philippines?

An immigrant visa may be issued to a Filipino citizen's foreign spouse which entitles him/her to permanently reside in the Philippines. Said visa may be obtained by applying at Philippine Embassies or Consulates. The validity of the visa, however, is contingent upon the Filipino citizenship of his/her spouse.

----- FROM travel.state.gov/law/citizenship (Bureau of Consular Affairs) :

ADVICE ABOUT POSSIBLE LOSS OF U.S. CITIZENSHIP
AND DUAL NATIONALITY
The Department of State is responsible for determining the citizenship status of a person located outside the United States or in connection with the application for a U.S. passport while in the United States.

POTENTIALLY EXPATRIATING STATUTES
Section 349 of the Immigration and Nationality Act, as amended, states that U.S. citizens are subject to loss of citizenship if they perform certain acts voluntarily and with the intention to relinquish U.S. citizenship. Briefly stated, these acts include:
(1) obtaining naturalization in a foreign state (Sec. 349 (a) (1) INA);
(2) taking an oath, affirmation or other formal declaration to a foreign state or its political subdivisions (Sec. 349 (a) (2) INA);
... ...

ADMINISTRATIVE STANDARD OF EVIDENCE
As already noted, the actions listed above can cause loss of U.S. citizenship only if performed voluntarily and with the intention of relinquishing U.S. citizenship. The Department has a uniform administrative standard of evidence based on the premise that U.S. citizens intend to retain United States citizenship when they obtain naturalization in a foreign state, subscribe to routine declarations of allegiance to a foreign state, or accept non-policy level employment with a foreign government.

DUAL NATIONALITY
Dual nationality can occur as the result of a variety of circumstances. The automatic acquisition or retention of a foreign nationality, acquired, for example, by birth in a foreign country or through an alien parent, does not affect U.S. citizenship. It is prudent, however, to check with authorities of the other country to see if dual nationality is permissible under local law. Dual nationality can also occur when a person is naturalized in a foreign state without intending to relinquish U.S. nationality and is thereafter found not to have lost U.S. citizenship the individual consequently may possess dual nationality. While recognizing the existence of dual nationality and permitting Americans to have other nationalities, the U.S. Government does not endorse dual nationality as a matter of policy because of the problems which it may cause...