WI: Spain loses Northern Luzon, Ternate and Celebes

What if Spain loses the Northern Half of Luzon(inc. Pampanga), Ternate and Celebes to the Dutch, these three areas are netdrain for the Spanish, how would a more stable Spanish Philippines will fare and how will it affect spain?

I think in this case the Dutch will get back Taiwan back from the Qing, since the Qing planned to give back Taiwan to them, but how will the Spanish fare in this scenario?
 
Better? Wasn't the main purpose of the Philippines to trade with China? As long as the Dutch aren't able to cut them out they should be fine, at least in the short term.
 
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