Huge news indeed for the fact that Philippines is joining Pakistan and Indonesia create a Bitcoin reserve. Those developments they made is good step that Bitcoin Strategic reserve creation is moving forward in Asia.
I've heard before that Malaysia,Hongkong and China(despite of banning) plan to create a Bitcoin Strategic reserve. But they didn't have any formal announcement or plan to do it for now.
We are currently experiencing relative calm with regard to the price, but there will come a time in the not-too-distant future when the current price will seem like a bargain. Apart from major players such as MSTR, who are already buying, and a host of small companies that are starting to do so, as soon as states really start buying, and the most logical thing is for them to do so with DCA, there will be a shock in demand that supply will not be able to meet, and that can only be solved with large price increases.