The information on the embassy website says:-
The advantages of a Consular birth registration are:
- A British style birth certificate is available as evidence of British nationality
- A record of the birth will afterwards be held in the General Registry Office in the United Kingdom
Therefore I would say that the registation does confer British Citizenship?
As you have stated, it also says that registration is not needed as he original birth certificate issued by the authorities in the country in which the birth took place, along with a notarised translation if necessary, is sufficient for all purposes in the UK (including passport applications)
http://ukinthephilippines.fco.gov.uk...h-registration