http://www.newsbtc.com/2017/02/08/philippines-bangko-sentral-recognizes-bitcoin-payment-system/According to this article the Philippines Bangko Sentral Recognizes Bitcoin as Payment System. The article also added that Bangko Sentral states sees the virtual currencys potential to revolutionize the delivery of financial services. Additionally, they also mention how bitcoin provides financial inclusion, which is something traditional financial solutions have been unable to provide. This statements coming from the Central Banks of the Philippines will give a potential impact on the rise of bitcoins value on the market. And not only that, the Philippine Central Bank is not the only bank that sees the merits of bitcoin but also the the Central Bank of Nigeria.
Regarding that matter, since from the start of crypto currency in the Philippines are already recognize by Banko Sentral ng Pilipinas (BSP), but still they can't make a decision to covered it. Due to decentralization of the crypto currencies, but as per lawyer I've been talk. Crypto currency have own entity and until they can't covered by the government they still runs into they own world.