Magnetic nanoparticles have been studied aiming at medical applications, such as treatment of tumors and cancer, for diagnostic purposes and drug delivery. Magnetic nanoparticles can be administered to specific targets and maintained in the proper location by means of an applied magnetic field. For this purpose, nanoparticles with a core of magnetic material are coated with suitable material for functionalization. In this work, we synthesized nanoparticles of iron oxide and functionalized their surface with a bilayer that served as an appropriate compartment for hydrophobic drugs. A promising phthalocyanine derived photosensitizer was solubilized in this compartment. Photosensitizers are molecules that interact with light to form highly reactive species such as singlet oxygen, which destroy cells and surrounding tissues. This process is used in photodynamic therapy (PDT). The generation of singlet oxygen by the phthalocyanine in the hydrophobic compartment was evaluated using the probe 1,3- diphenyl isobenzofuran (DPBF) in formulations with the nonionic surfactants Tween 80 and Pluronic F-127. Aiming to control the release of drugs, we build an electronic circuit to produce an AC magnetic field which acts on the magnetic particles to produce a local temperature increase. This increase in temperature modifies the diffusion of molecules at the surface layer of the nanoparticles, and allows to control the rate of release. Temperature variation produced in the presence of the AC magnetic field was studied. The effect of temperature on the singlet oxygen production was also studied.