Not all insurance company's are the same.

Whenever FCO has 'against travel' advisory get cover verified in writing.
Especially get their position on 'essential travel'. They may offer cover with some supplement.

Personally I can't see that either business or holiday would be considered essential.

Again personally, I would never consider going to the Philippines without insurance cover. Period
One of my mantras is 'minimise risk'.

This is a forum. NEVER blindly follow any opinions expressed here without securing your own validation.