My experience was that it took 28 days start to finish. I was able to open a bank account with just the photo copy of the passport that they give you. (make additional copies and keep a scan as well).
You are free to travel in the Philippines while the SRRV is being processed.
The rules are not universally fixed or applied here. Most gate agents will allow boarding without a passport, just some ID but occasionally you will get one who will not allow it. If denied once you show photo copy simply ask for a supervisor, they usually know the rules better.
I have boarded with just my Philippine DL and my SRRV card never tried it with one of my other foreign ID's and no passport though.