It's just as the title says above, what'll be the best case scenario for the Philippines, rather than ended up as the Third-world backwater in OTL?
... This way the Americans have their Outpost in Asia , while the Philippines are still mostly independent.
If the Philippines gained independence this early it would start out more like an Asian version of Cuba with a Platt Amendment that lets Washington mess around with Filipino domestic politics, but it would likely to evolve towards a more equal partnership like the US-Japan alliance.Instead of the a Americans making it a colony, they could estsblish a relationship with the first Filipino republic similar to the one it currently has with Japan. So, the Philippines is self governing, but has various US bases on it. This way the Americans have their Outpost in Asia , while the Philippines are still mostly independent.