Tsunami Warning.

[Grim]

UPDATE: OK, so currently Phivolcs has a tsunami level-2 warning raised for the east coast of the country. Still, probably not as bad as it sounds.
http://www.cnn.com/2010/WORLD/americas/0...index.html

OLD: This is an energy map of the expected wave height coming from the Chile earthquake. As you can see, the Philippines will get a pretty minor tsunami if ever one hits. Although it does pay to be prepared.