Most web hosting providers that are supposedly based in the Philippines are just resellers of foreign hosting, without an actual PoP in the Philippines. This page lists known legitimate providers that provide an actual PoP within the Philippines.
DigitalOcean Spaces with CDN is routed through StackPath, which has an edge PoP in Manila. The storage itself, however, will have to be in Singapore, as DigitalOcean themselves do not offer any services within the Philippines. Files will be cached on the edge point in Manila, though, so it’s a minor issue. Latency from PLDT to the CDN edge is well below 10ms, to the CDN origin for uncached results about 50ms. Basic cost is around $5 per month.
Not aware of any affordable services which will actually store within the Philippines.
Neither DigitalOcean nor StackPath offer any VMs within the Philippines, the nearest is in Singapore. I am not aware of any VM providers here, though ideally they could be useful for time critical edge performance.
I recommend augmenting edge VMs with a beefier dedicated backend anywhere nearby where it’s cheaper to handle.
Nearest affordable full dedicated server is provided by OVH in Singapore at about €50 per month.
For raw crunching power, where latency is not an issue, use whichever is cheaper anywhere around the world. Hetzner has a great lineup of low cost high performance server power hosted in Germany.