Having done business in mainland Philippines, trust me that the prospect of doing business in Mindanao, which has a history of terrorism, entrenched corruption and typhoons, is not for the faint-hearted.
I remember speaking with mining executives at a networking event in Manila. They told a story of continual disappointment. A government Minister gave a speech and he spoke soothing words - but the Aussie miners said it was a load of shite and they'd heard it all before.
In general, The President of the Phils leaves a lot to be desired. He's not creating a stable country at the moment. Have a read of this:
https://www.theguardian.com/world/2017/apr/02/philippines-president-duterte-drugs-war-death-squadsSo I'd like to see RED stick to Tier One Western Australia. A risk premium of zero compared to Mindanao. If we can get something for Siana, grab it with both hands. Then run!!!