Rocket Queen,
The way Aviation is going, you'll STILL be seeing a big shortage of pilots in the next 5 years or so(worldwide), Airbus 380's are just entering the service by early 2007, new designs like the A350s, 787s etc are on the race. As long as theres production of airplanes there'll always be a need for pilots.(they haven't started designing Pilotless cockpit).
You can gamble on your assumptions, anyway flying is one exciting thing to do(sports or professionally). PAL surely need pilots, and a little bit of experience is needed like a minimum time of 1200hrs with an a/c engine rating of not less than 500Hp, and a Commercial pilot lic. with Instrument rating.
If only PAL Av school can assure you of an employment after undergoing the training, well that will be a different and better story.
But again, theres plenty of ways that leads to the Major airline. Start on the smaller ones, as a Flight instructor, cargo pilot(Lapu2,sugpo etc.), Corporates and or charter pilot. And for an Airline, theres SEAIR, ASIAN SPIRIT,AIRPHIL and CEBUPAC. Theres plenty of options really.
Your initial Flight training will be the most enjoyable part of your soon to be Aviation career, so enjoy every minute of it and its also where you spend lots of money, so make sure you'll learn what you have to.
Goodluck to you !