The Philippines remains a more Hispanic nation due to lack of direct American imperialism. American economic and cultural influence still remains, maybe the military even gets basing rights, but it would all be settled under more humane terms instead of being solely at gun point, perhaps by helping the new nation, secure the rest of the former Spanish holdings in the region, except for those already under American rule, but even those lands might eventually petition to join the Philippines depending on how things develop in succeeding centuries.
As far as the Philippines' place in the region is concerned, it would likely become a strong friend of Japan, each nation finding mutual respect for being independent nations in a region surrounded by lands under colonial rule. The Philippines may or may not take a stab at taking a bite out of China by using the Filipino Chinese community as a pretense for asserting control over places like Fujian and Guangdong. What's for certain tho is that the Philippines will try to unite the Malay world, either under a unified state or an EU like supranational entity.
If things go particularly well, the Philippines may end up being the premiere post-colonial power of Asia, like a Japan on steroids.