Lol well I have bad news for you: It's not tax free! All earnings, except explicit exceptions and/or earnings under special conditions should be reported and taxed appropriately. If you've been using an exchange to sell your Bitcoins and they have your personal information, it's possible for the BIR to go after you a la-IRS in the future. I'm not saying it's likely, just that it's possible.

You probably mean that it's good that the Philippines doesn't have any special procedures regarding cryptocurrency earnings (which is probably why you assumed they can't be taxed in the first place) in which case I agree.