I dive regularly on the Philippines; I always use a 2/3mm farmerjohn with a 0.5mm rash guard, (+full foot fins) and have never felt uncomfortable cold even in January doing a two tank dive, with dive times up to 70 minutes. 5mm gloves is excessive, my GF have tried with 3mm gloves (only once), she felt too warm, now she use reef gloves with two finger tips free, so if you choose to use gloves then get some reef gloves, they will do the trick. Dives on the Philippines are normally spread over the day, one early morning 5am, one around 9am, next 2am and then the night dive, this is if you dive from a resort so that will give you ample time to heat up if you feel a bit chilled.
I would say a 3mm full suit, with reef gloves, and 1.5mm hood would be more than enough, but do use full suit to avoid scratches from sharp rocks and stings from jelly fish etc.
Well happy diving, be careful, you easily get hooked on diving the Philippine waters.