Mate!! do not take travellers cheques that was the big mistake when i first went to the Phils. Hardly anywhere cashes the things, stick with credit cards showing visa or Mastercard but once out in the middle of nowhere cash is king, just be careful with it!
So many beautiful places to see everywhere there but please be mindful it is now a very poor and over-populated country and can also be very hot and uncomfortable at times.
Accomadation and services are woeful away from the major cities but if you like adventure and extremely warm, generous and helpful people you will have a great time!
Just be careful and keep your wits about you and you will be ok.
ENJOY!