They are both correct but I'll go for "Is it for real this time?".

it's a tagalog word means "is it for real this time?"

its a tagalog words means "is it for real or is it true" cowboy...

Wahh, thanks for the detailed explanation Maria! I think you hit the nail on the head, hehe. Actually its my (future) mother-in-law, commenting about our engagement to her daughter. Maraming salamat!

It is DEFINITELY asked in tagalog. Actually, it's better to write it as "totohanan na ba ito?' na and ba should be written separately. TOTOHANAN is from the root word TOTOO which means TRUE or REAL ITO can be directly translated to English as THIS so... my "girly instincts" is telling me that you have a special relationship with this Pinay :) and she is asking you "Is this real?," but I prefer to translate it as "are we really getting serious?" (coz by my heart it feels more akin to the 'feel of the situation') i hope somehow i helped you understand what she is trying to ask you :)