Hi Jen, welcome here.
Well just for information, in order to get married in Philippines your fiance would need to spend about 3 weeks there.
That's based on having no major delays/challenges.
This is a question for both you and UKBA to consider.
Do YOU feel that you have developed a sufficiently close relationship to move it up to the marriage level?
Only you can answer that.
As far as UKBA are concerned they will follow their guidelines to inform their decision.
Firstly, you and your partner have met in person, secondly you need to very clearly demonstrate that your relationship with your partner is genuine and subsisting (click on that link to follow)
Thirdly, you need to convince the ECO that you are only seeking entry to the UK to allow your marriage to take place.
Means you need to convince the ECO that there's a clear intention to actually marry. To be honest, this largely hinges on whether the relationship is believed to be genuine and subsisting.
One clear advantage with Spouse Visa over Fiancee Visa is that if you are already married then you have already met.
Still doesn't mean the relationship is genuine though.
All partner visa's leading to settlement have the same cost. ( £851)
Based solely on Visa charges, the overall cost from initial application to settlement (5 years on) is more expensive via Fiancee route simple because there is an additional visa to be covered.
Can't really say much about 'hassle' as that largely depends on the quality of evidence submitted with the application.
The waiting times are about the same.
I think a lot of folks find the 'waiting' time in UK between arrival and granting of FLR to be quite difficult to handle especially as being homesick kicks in (without familiar surroundings, friends and family) and then perhaps being bored in a different country and different culture with limited diversions/outlets
Please click on this form thread link called All New Guide - How to apply for a Fiance Visa
Once married you'll need to apply for Further Leave to Remain (FLR) as a spouse. Currently the cost of application is £578
Until you have received the FLR you immigration status remains frozen under the conditions of the 6 month Fiancee visa.
You are NOT allowed to work (paid or unpaid) until you have applied for and been granted FLR
Hope that helps