The interest rates are not that great here these days..I think we are getting 2.75 % in a 30 day time deposit account... Basically that just means that you get your interest gets added to your balance every 30 days.
http://www.psbank.com.ph/psbank-peso...sit-rates.aspx
Im more concerned these days in changing most of my pounds as I can see the rate continuing to plunge.
Its a good plan is to save in pesos but remember to stick to the major banks and dont forget that the PDIC insures only 500,000 Pesos per account holder should the bank fail..(very unlikely with banks like BPI, BDO,Metro bank,PSbank etc In my view)

Exchange rates are not always that good either.. so shop around.