Something smells really funny about the deal on offer, I got the offer myself written in bad english (mine is not perfect either wtiting on forums) within hours of applying in an almost an autoreplay manner starting with "dear captain", not even writing my name out.
As I realised while reading the offer that its p2p, I knew that this was nothing for me. But I was curious like yourself, as this also looked like the first scam-attempt I have received as a pilot applying for a job.
There is close to no info on the airline on the net but after a while I found out that the Air R is supposedly a new wing of another small Philipino operator, the contract on offer is through a company from India. So thats the parties involved.
The fact that they can kick you out up until you have payd well over half the total sum, thats while processing your documents, doesnt sound good. Smells of scam.
Ok it might not be a scam but its p2p and thats no go as you agree to yourself.
Instruct, instruct ,instruct ,instruct and instruct a bit more and before you know it someone will hire you as a paid F/O on a j41 or similar size aircraft, maybe even a bigger machine.
Good luck in the search for your first job!