This is a good use case for Bitcoin. But I think the bits about being able to cash out from hundreds of Bank of the Phillipine Islands branches and the part about disintermediating the banks' role as middlemen are directly contradictary. If this gets any traction I suspect China type rules won't take long in arriving.

An exchange set up by an anonymous legal entity, with no physical presence or accountability, and without approval from Bangko Sentral ng Pilipinas. Chancers like this are more likely to discredit and kill Bitcoin than promulgate its mainstream acceptance.