Not yet, it just been passed as far as I know, so it might take some months to be even read in their chair. And they have a lot of problems right now, with the corruption in the flood control project.
Just remember though that the Philippines is not a big country, so in terms of its' military, small compare to other South east countries. And they have been bullied by the Chinese in the West Philippines Seas.
Anyhow, at least a good 10 years might be a bench mark if their government can keep up holding their Bitcoin as national reserve if ever this bill passes on the Congress.
I don't think that a country has to be very big or militarily strong to adopt Bitcoin, but I would say that any country, based on their own affordability, can continue to adopt Bitcoin in their reserves for the long term. This will definitely lead to economic development in the future of that country.
However, if the government of that country is corrupt and wants to run a project with Bitcoin to make money without any proper plan, then it will be unfortunate for that country, but I hope that none of this happens to the Philippines. And they will invest based on what they can afford, adopting the best strategy possible.