The Philippines may be one of the first, but certainly not the first. Also, there is no comprehensive draft regulation so the road may still be bumpy after the government reviews this new fashion. Nevertheless, small steps are better than not taking any steps at all.
Did not the first Japanese openly organize and accept the bitcoin and other cryptocurrencies in their land? Japan has been in motion since the beginning of 2017, and it's very recent that the Central Bank of Philippines is organizing bitcoins and other cryptocurrencies in the hope of restricting fraud and money laundering in the country.