Smooth Operator... i'm in a similar position to you and would be interested to hear the situation. Would be happy working for Cebu - my mother is Filipino and seems like a good airline.
However for my 2 cents worth - been monitoring the situation for a while... one website (PilotRecruitmentCenter) says they won't hire till 2012 (also has the name of the Chief Pilot also) and my general assumption is they have links with the local flight schools like Clark Aviation where they take on their MPL cadets. Also they take their Filipino citizens first (understandable) - so unless you have a Filipino passport/residency, then I think your chances are slim. I spoke to someone in Phil about recruitment and they suggested, pay-to-fly can also happen in Phil. That said, seen seen much of the same criteria mentioned with other airlines in Asia before i.e residency/hours etc and have seen/heard many people achieve employment by turning up on the doorstep and knocking on the door - seems to be the way in Asia.
Obviously interested to hear other thoughts and the official line.