Have just read another thread and after looking at similar past threads, it seems many expats dont bother with proper car insurance.
Like Hogrider said it is none of my business, however accidents do happen every day and you could be faced with a bill that goes into the millions. A Filipino friend of ours was involved in a accident that wasn't her fault and the hospital bill came to 3.2 million pesos. Without proper insurance the other driver would have had to pay from their own pocket or probably would have spent a considerable amount of time in jail.
We own and run several small businesses here in the Philippines and all of our vehicles are comprehensively insured. I can do anywhere between 50 and 100k per year and although the roads are crazy at times, i am glad that am fully covered. Sure i could save over 100k a year, but in my opinion it just wouldn't be worth the risk, as even good drivers do make mistakes.
Touch wood, we have only ever had to make one claim and the vehicle was unattended at the time. The whole process was surprisingly simple and the car was fixed within 2 weeks.
None of us can predict the future, but taking a gamble and losing in the Philippines could be life changing and i recommend you look into getting proper insurance.