I don't think it will have an effect to Bitcoin. Since the things tackled there are about the right on the West Phil. sea / South China sea.  As a matter of fact  even the Philippines won the case, Philippines  will humbly seek a bilateral  negotiation soon. And this things in my opinion have nothing to do with Bitcoin stuff unless War erupt and both Chinese people and Filipino people will panick buying Bitcoin to convert their wealth and send it outside their country.