With the issue of hackers of amassing huge amount of money and the issues on Money Laundering the Banko Sentral ng Pilipinas (BSP) is looking forward to create a cyber surveillance division whose function is to monitor and implement virtual currency regulations in the country. Having seen the increase of bitcoin users in the country and the huge amount flowing in bitcoin activities, the government has included bitcoin in its watch list. Soon there will be regulations and policy covering bitcoin operations in the Philippines.
This will be bad since other countries will get Philippines money online via hacking and Philippines can't do anything to defend their selves on other countries. And I don't think Philippines have a good system to do this.