We do not have to resort to fanboyism to answer this question. We have an actual living breathing example - the Republic of Singapore. Singapore's annual defense budget is about $10B.
So how much military muscle does Singapore pack for territorial defense? Here we go:
6 diesel attack submarines
6 guided missile frigates
6 guided missile corvettes
40 F-15 Eagles
60 F-16 Fighting Falcons
17 AH-64 Apaches
196 Leopard main battle tanks
18 HIMARS self-propelled rocket artillery
48 SSPH-1 self-propelled conventional artillery
Now, if the Philippines have the same amount of firepower, ask yourself these questions:
Would Communist China have dared seize and build a military installation on Mischief Reef?
Would Communist China have dared seize Panatag Shoal?