It's good that they're trying to be ahead of other asian country in the bitcoin adoption race.
It will be better if they also adopt bitcoin as well as alternate currency or some sort, I personally think a Philippine have the potential to adopt crypto in mass.
Regardless, nothing can be 100% sure before the bill is passed so I would reserve the joy of hearing this news for later.
Having a strategic Bitcoin reserve would be amazing just like we have been seeing in the United States. Bitcoin will soon be the reserve currency of so many countries looking at the way world government and creating strategic reserves to contain the storage of Bitcoin for a long period of time.
If more countries indulge in this, it will get to a time when Bitcoin will be very scarce and the only thing we would be able to do is to trade it without holding it, many with other tokens. The adoption is continual and hoping to see more countries adopt it.