As long as they don't deem it illegal, then I don't see this having an huge impact on bitcoin around the world. Of course we also don't want regulations to be too tight and the government monitoring it so closely that it takes away form some of the anonymity.
I doubt they'll straight outlaw Bitcoin. Philippines are massive recipient of remmitance money, Bitcoin remmitance companies (or using BTC directly) may be a small percent of market, but they do enforce the big players to keep the fees on reasonable level. And less fees means more money coming in. There are also other benefits.
That being said, Bitcoin is a game changer in terms of cybercrime (or tax evasion), and if they have not enough experts in the law enforcement to deal with it, then declaring Bitcoin illegal is the simplest option. Hope it doesn't come to that.