Anvee,

I wasn't doubting the documentation you and your sponsors submitted.
It's not simply the document itself but importantly what the document states and how the ECO views that in the overall picture of the application.

The reasons given by the ECO can be countered in a subsequent application.
He is driven to refusal by his belief that, in his opinion, your intentions are unclear and he is not convinced that you have sufficient reasons to return.

In principle it would be pointless to appeal.

One option you have is to write to the ECM (Entry Clearance Manager) outlining that you have the opinion that the ECO made an error and failed to review the supporting documents you included in your application. You should clearly request the ECM to reconsider your application.
Also point out that many of those key supporting documents have not been returned and you hope that they were not lost or mislaid during the visa review process leading to the decision to refuse.

There's no guarantee it will work but it's has worked many time in the past.
I'd also suggest writing regular follow ups to the ECM as well as ALL the following:-

Regional Operations Manager
NE Asia/Australasia - International Operations and Visas
UK Border Agency
British Embassy
120 Upper McKinley Road
Taguig City 1634
Metro Manila
Philippines

Tel: +63 (0)2 858 2235
FTN: 8411 2235
Mobile: +63 (0)917 556 8120
Web: www.ukba.homeoffice.gov.uk

Appeals and Correspondence Manager, Manila Visa Hub
NE Asia/Australasia - International Operations and Visas
UK Border Agency
British Embassy
120 Upper McKinley Road
McKinley Hill
Taguig City 1634
Metro Manila, Philippines

Fax: +63 2 8582305
Email: manilvisaenquiries@fco.gov.uk
Web: www.ukba.homeoffice.gov.uk

Trevor Lewis - Deputy Head of Mission
British Embassy Manila
120 Upper McKinley Road
McKinley Hill
Taguig City 1634
Metro Manila, Philippines

Asif Ahmad - British Ambassador to the Philippines
British Embassy Manila
120 Upper McKinley Road
McKinley Hill
Taguig City 1634
Metro Manila, Philippines

You'll need to do this pretty quickly

Also, please do review the refusal and put together another application that can be submitted at a later date depending on responses from the Embassy.