Is it possible that the Philippines will experience hyperinflation?

I believe no. The Philippines banking industry is so tight even before the 1997 Asian Financial crisis and this led to a decrease in the liquidity of the Philippine peso. Also, dollar reserves are at an all time high (as of January 2009) and incoming dollar revenues appear to increase given its dependence on the foreign workers working in the immune health sector. So far, current leader are very responsible maintaining and achieving budget objectives and people still trust the Philippine peso.