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.
It's good to see that despite the regulations placed on those exchanges that caused them to be banned, they didn't track back in their dealings with crypto. It shows that they are country who are not stagnant but would embrace anything that would further grow the economy.
What I'm just hoping for is that this news of this their intent to having a reserve isn't just going to end in talk, but due action would follow.