I commend the efforts of the Philippines in their desire to become amongst those who are establishing a Bitcoin reserve as this would elevate their economic sovereignty and would also help to reshape the Philippines approach to financial resilience.
Although the bill is yet to be passed into law and is currently pending, this act shows that day by day, countries are beginning to see the need and importance of owning a Bitcoin reserve.
As far as I know they are very friendly to Bitcoin and other crypto although as of late they have banned 10 crypto exchange because of regulations.
https://www.idnfinancials.com/news/56446/philippines-blocks-10-crypto-exchanges-bybit-and-bitget-blacklistedBut it doesn't mean that they are turning their back to Bitcoin. It's a small country as compare to those nations who have stack up Bitcoin already. But for sure this is a very welcoming news for us and they could lead the South Asean region to embrace Bitcoin and put it as a national reserve.