During the Imjin War, in addition to China's deployment of troops to fight the Japanese in Korea, they also engaged in economic warfare with Japan by banning trade.
However, the Portuguese functioned and prospered as go-betweens or launderers of Japanese silver, forming a leak in the Ming embargo of Japan.
If severely irritated by this would the Ming rulers have been physically capable of seizing Macau from the Portuguese and holding it. And since this took place during the time of the Iberian Union, could this have brought Spain in on the Portuguese side, and led to a broader Chinese war with Spain, in which case, could the Ming have been capable of taking the Philippines?
Why/Why not? And if they could but it was just a matter of resource prioritization, what would it have cost them?