Wow... they weren't kidding (Apple press release)!!! Music and Movies now available for the Philippines (PHL) iTunes store.
I had lost all hope that we would ever get access to iTunes media so earlier this year I switched my account to the US iTunes store. Now you don't need to jump thru hoops like I did and stay with your Philippine account and have access to Music and Movies. TV shows are still absent.
Music!Movies on the PHL store
Movies on the US store
Of course not everything is available but this is a huge step in the right direction.
NB: I have not tried purchasing/renting media with a Philippines iTunes account but do share your experience if you've tried it.