FO hiring is frozen, at least for the moment. Some pilots who originally applied for A320 FO are now being considered for A330 Second Officer (SO) slots instead (500 hours total time, CPL/IR and multiengine rating as minimum requirement, relief duties only with no takeoffs and landings). They missed the bus, so to speak.
Unless deliveries are somehow accelerated, Cebu Pacific is expected to take in 7 new A320s next year (all with sharklets) and up to 4 A330s, a total of 11 planes at most. However, it will also be selling off all 10 of its A319s. That's a net gain of only 1 aircraft for 2013. As you can see, hiring will remain static (outside of the requirement for A330 SOs) and only internal upgrading of FOs to captains and migration from A320 to A330 is expected.
Of course mass resignations could trigger mass hiring, but with so many players now crowding the market (with some teetering on the brink, the rest unprofitable except for 5J), the local hiring scene may not approach 2010-2011 levels anytime soon.