First of all, I would be very surprised if this was an official GMAT problem.
Even though the equation represents a hyperbola, which isn't tested on the GMAT in terms of geometry, I think the question is still valid in terms of algebra, even if the scope is still beyond what the GMAT would likely test.
To solve this, we could test every number from -infinity to infinity, but that might take a while.

Instead, we can rework the expression into something that is more useful.
\(\frac{1}{x}+\frac{1}{y}=\frac{1}{12}\)
\(\frac{1}{y} = \frac{1}{12}-\frac{1}{x} = \frac{x-12}{12x}\)
\(y=\frac{12x}{x-12}\)
So for y to be an integer, x-12 will have to be a factor of 12x. And we have to remember also that we can't use (x,y) = (0,0) because of the original form of the equation.
We can cut down on our work also, be realizing that there are two symmetries in this equation. The plot of the equation is symmetric about y=x, meaning that for every (x,y) = (a,b), the reverse, (b,a) will also be a solution. There are also asymptotes at x=12 and y=12, meaning that the function is symmetric about the point (12,12). So knowing those symmetries, if we find all the values of x between 0 and 12 that give integer solutions to the function, we can multiply that by 4 to find the total number of solutions. (If this all sounds very confusing, it's because it is. There is a plot of the function below to help clarify).
To find the values of x that give an integer solution, we don't even need to calculate all the values of y, we can use our rearranged equation \(y=\frac{12x}{x-12}\), and look for every x such that x-12 is a factor of 12 (1, 2, 3, 4, 6, 12), or a factor of x, or a combination of both.
It is still a little time consuming, but with this approach we can find all the values of x between 0 and 12 that satisfy our conditions:
x y3 -4
4 -6
6 -12
8 -24
9 -36
10 -60
11 -132
There are 7 (x, y) integer pairs that satisfy the equation for x between 0 and 12. Terrific, we multiply by 4 and we have 28. But we're still missing one! Notice (0, 0) has been left out. Even though it satisfies the equation \(y=\frac{12x}{x-12}\), it would violate the original form of the equation (we're not allowed to divide by 0!). But it has a symmetric point at (24, 24) that IS allowed. So the total number of solutions is 29. Just as
kinsho pointed out.
There are some other shortcuts we could have taken, but this is already so beyond the scope of the GMAT that it's becoming silly to continue to work on it. For those interested, the plot of the function looks like this:
Attachment:
1 on x and 1 on y is 1 on 12.png [ 91.16 KiB | Viewed 2347 times ]