Short answer. No, with two exceptions. Land acquired by a tenant-farmer under Presidential Decree No. 27 shall not be transferable except by hereditary succession or to the Government. A sale to a private buyer falls outside both exceptions, and the restriction attaches to the land itself, not merely to the first awardee.
What the law says
Title to the land acquired pursuant to Presidential Decree No. 27 or the Land Reform Program of the Government shall not be transferable except by hereditary succession or to the Government
Labor Code, Article 10 — Conditions On Farmer Ownership. Read the full provision →
What the law says
The provision is categorical: Title to the land acquired pursuant to Presidential Decree No. 27 or the Land Reform Program of the Government shall not be transferable except by hereditary succession or to the Government, in accordance with PD 27, the Code of Agrarian Reforms and related laws. The point of the restriction is the point of land reform itself — the land was taken from the landowner and given to the tiller so the tiller and his family would farm it, not so it could be flipped back into the market. An ordinary deed of sale to a neighbour, a developer or a financier is exactly what the provision forbids.
Even getting the title has a condition
The same provision withholds the title until the farmer joins the cooperative structure the program was built on: no title shall be actually issued to him unless and until he has become a full-fledged member of a duly recognized farmers’ cooperative. So the sequence matters. A tenant-farmer who has been identified as a beneficiary but has not yet satisfied the conditions does not yet hold a transferable title at all — and once the title does issue, it issues already carrying the transfer restriction. There is no window in between where the land can be freely sold.
The two exceptions, precisely
Hereditary succession means the land passes to the farmer's heirs upon death, by operation of the law on succession — it does not mean a sale to a relative during the farmer's lifetime, however the deed is styled. Transfer to the Government is the second lane, made in accordance with the agrarian-reform laws. Everything else — sale, donation to a non-heir, dacion en pago, a "waiver of rights" in favour of a buyer — is outside the exceptions. Restructuring a forbidden sale as something else does not change what it is, and a transaction built on it rests on ground a court can find void.
If you are being offered such land
Before paying anything for farmland, find out how the seller's title originated. If it traces to a PD 27 award or another land-reform grant, assume the restriction applies and get agrarian-law advice first; later agrarian statutes have their own transfer rules and their own periods, and which regime governs depends on when and under what law the land was awarded. Check the certificate of title and its annotations, ask for the award documents, and remember that a buyer cannot acquire a better right than the law allowed the seller to convey. Money paid for a void transfer is very hard to recover.