It's been confirmed that all British passport applications or renewals for those of us resident in the Philippines will be processed in Hong Kong. This will start next month. There will be an increase in passport fees. You can still apply/renew the British Passport at the Embassy in Taguig City, but all processing is done in Hong Kong.

http://ukinthephilippines.fco.gov.uk...in-philippines

Why British passport applications are being "centralised":
http://ukinthephilippines.fco.gov.uk...passport-issue