I've not been but friends say it's not bad, and the special events (there's something that they seen to have renamed "Budol Fight") are meant to be great fun.
I believe the new "Pinoy Toppings" stall in Markthalle is by the same owner although I've been told that the food is not authentic. I can't comment as I've never been to the Philippines, but a friend who is Filipino asked the owner why the food was bland and was told that it needed to cater to the locals. Usually one can avoid that by saying you want it spicy/authentic when you order. I've not tried.