The Philippines relations dealing with China and Taiwan is a very touchy subject. In the past Manila's relations with Beijing, China was hostile between the 1950's and 1960's and many of the Filipino-Chinese or Chinos communities had several relatives and partners in Taiwan. However, since 1973 commutations open between Manila and Beijing and peace had been correct. This peace agreement did not stand for very long after Beijing's sensitivity to what was supposedly a Philippine bias of kindness towards Taiwan. Incidentally, a Philippine government spokesperson referred a visit to Taiwan during a delegation as a representative of "the Republic of China". With this remark it made a secret visit to Taiwan later in the years. When misunderstandings cooled down between Beijing, Taiwan, and the Philippines, the Philippines reaffirmed the one-China policy but maintain the right to develop trade and economic relations with Taiwan in 1990.
Based on the historical relations with China and Taiwan and how hard the Philippines tried to keep peace among them; the Philippines announced a neutral status with upholding the agreement of the one-China policy and the trade and economic relations with Taiwan.
In case of a war breaking out the Philippines under the Declaration on the Conduct of Parties in the South China Sea will back up China to ONLY help them confront with whatever differences they may have in spite of Taiwan wanting independence in a peaceful manner. To add on why Philippines would side with China is also due to recent warnings to Taiwan from Manila going against protesting and "bring more upraising tensions in the South China Sea after receiving reports that Taiwanese patrols have encroached in the Philippines- claimed territories in the Spratlys" (online, Taiwan Security Research).
Although the Philippines aren't as indecisive as the United States with the issues of...