Hi Terrence, welcome aboard the good ship SaleHoo
Your question in regards to location mostly depends on how and where you will be trading, but I can't think of any situation where it would be a negative to be honest.
If you are looking at drop shipping into Phil and/or just international markets such as Australia, then no issues at all as the item's location should always reflect the actually location of the item. So that will be where ever your supplier is located.
If you are buying in wholesale and shipping from Phil to local and/or just international buyers, then again, I see no issues at all. In fact I think with some smart exotic, tropical Phil style branding, you have the opportunity to have to some real fun and create something that captures attention.
So I'm not seeing any negs here at all, a little thought and you can use your location to full advantage from a marketing aspect.