She is the applicant and is the one who will apply.
You are the partner and sponsor.
You do not need to supply your original passport. Just a photocopy or scan of the Photo Page is sufficient.
You should also include any other pages she'll rely on for any supporting evidence.
Take a look at the UKBA document guide here and also review the immigration rules here under Appendix FM-SE - Family members - specified evidence
Don't forget:-
English language requirement
Tuberculosis testing in the Philippines
CFO seminar and Sticker. (The seminar can be taken at anytime, but the passport sticker will only be issued upon presentation of valid visa.
As far as UKBA is concerned there's no mandatory requirement to update anything, including her passport. Many folks have not updated their passport with their married name until some years later when the passport is up for renewal. There's really no problem.
The Financial Requirement is based solely on income.
There's really no way to predict how long it may take. The best information is indicated by the UKBA webpage called - Visa processing times in the Philippines
Make a review of the link sars provided and be sure to follow all UKBA links contained.
Any questions just ask