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Nearby meaning within the Philippines or will Singapore do the trick? It is the closest affordable solution.
Colo pricing in .ph is pretty bad, there's a provider on WHT who offers it. As Infinity suggested, Singapore may be better choice. The issue is domestic/local bandwidth and international bandwidth. The domestic/local is a good speed but the internetional is capped at like under 10Mbps, generally 1 - 5Mbps
Can't go wrong with Singapore server, You should check Softlayer out and the server come with 100Mbps Local/International bandwidth