US will just continue fund the rebellions if they lost, as Spain already lost their ground in Cuba and PI, only one city in PI is in spanish control, and a few villages and the navy is dead. And cuba rebellion os already full blown, Cuban rebels are more well equipped now with american Aid during that war. Spain will lose cuba and PI, sell pacific islands to germany. In short, indepedent PI close and backed by Japan and USA and ROC as they funded the revolution and indepedent Cuba will be close to the USA. Where Spain just lost most of their colonies.
Cuba will be better as they are tottally indepdent from USA, While the PI will be a great power playhouse where every GP try to infuence them to align with them, as Balkanization seems unlikely, more likely PI will be the sugar baby of the GPs where they aid the PI to align to them. I assume the PI will be aligned to the Entente as they have a teritorial dispute against germany regarding Palau, Assuming they are lucky, they might have the capability to challenge Japan economically and industrially and militarily if they play their cards right. While Spain sits there probably sells all her colonies, as she is broke after the war. and the monarchy being dismantled as a result of the war. Why the US would probably fund the rebels, well they have interests in the areas, if they can align those countries to them is a good thing, so they just fund the rebels even though they lost the war.