The only thing British held during the Seven Years war was Manila. The rest of the Philippines was held by the Spanish. That is going to be a problem if Spain is going to sell the Philippines besides being the the bread and butter of that Chinese trade.
Now, it is possible, but the British need to start winning and allocate more resources than OTL. The British never expected the Spanish to recruit locals as reinforcement. While the Spanish in the Philippines were really unaware of any war nor had any help from Spanish Americas or Spain herself.
I think the challenge is to find resources for the British to allocate more to the Philippines. That is an estimated 100,000 more British soldiers to pacify the opponents both Spain and whatever Spain recruits outside Manila.
Now, with administration, it is going to be closer to OTL India. The British could possibly give them Dominion not unless racism in British would still exist in ATL and Dominion requires you to be white.