The majority of Filipinos are still of the brown-skinned, straight-haired Malay race that is prevalent in Southeast Asia. but don't be surprised to see wavy-hair, light-colored eyes, epicanthic folds on their eyelids, and a wide range of skin tones. If you meet such a person with an English given name, a Chinese middle name, and a Spanish surname, and who speaks good English, he's probably a Filipino.
There are darker-skinned, ethnic minorities called the Aeta (or Negrito) people with tightly curled hair who were forced into the mountainous areas of the archipelago as the majority of the Malay tribes took over the lowland and coastal areas. These dark-skinned natives were shorter in stature and have slender builds compared to the Melanesians and the Australian aborigines to which they are genetically related.
The Malay people in the Philippines were open to inter-racial marriages with Chinese traders and settlers from Taiwan in the north or the Asian mainland from the northeast. In the south of the country, the local people were visited by Arab and Hindu or Tamil traders as well as Muslim missionaries.
The arrival of the Spanish in the 16th century introduced three centuries of inter-breeding with white Europeans as well as Native American sailors from Nueva España (Mexico). Many Filipinos served with the Spanish army and navy, some of them overseas, never to return. Manila was also occupied for four years in the 18th century by the British and some of their Sepoy soldiers from British India settled in the town of Cainta, Rizal.
The Spanish established fortified towns that later grew into cities with a small purebred homegrown Spanish population (called insulares) consisting of retired Spanish soldiers and government officials from Spain (called peninsulares). They also established haciendas (ranches) in the provinces. Spanish friars and priests also settled into the small towns and villages to convert the local indios to Catholicism. This produced mixed-race lighter-skinned descendants called the Spanish mestizos.
By the way, the Spanish required almost all native indios at the time, to take Spanish names for tax registration purposes. Even the Chinese immigrants had to use Spanish formats for their names. Not many traditional Malay-type names have survived except for the names of the tribal chieftains who were exempted, the highland tribes, and the Muslim tribesmen who managed to resist the decree.
The Chinese, Indochinese, and Japanese traders and craftsmen continued to enter the archipelago to set up trading posts and interbreed with the native indios. The Chinese were initially called sangleys because many had settled at Sangley Point in Cavite. As the lowland peoples prospered and grew in population, they forced the original native tribes into the interior upland areas.
In the early 20th century, America took over from the Spanish and shipped in thousands of American soldiers and sailors to fight off Filipino freedom fighters and brigands across the entire archipelago. As the islands were pacified, scores of American teachers, Protestant missionaries, and businessmen traveled the islands and set up homes for a while.
The Japanese also had a large colony of traders in Davao. The short but brutal military occupation by the Japanese during World War II resulted in tales of rape and prostitution of Filipinas as "comfort women."
After the World War II, the Americans continued to occupy the two huge military bases of Subic and Clark in Luzon island. Thousands of mixed-race Amerasian kids were born from the prostitution and interracial marriages.
The country has also accepted large waves of temporary refugees while waiting for resettlement to the United States. European Jews arrived fleeing Nazi Germany (1930s-1940s), White Russians came in from China and Siberia (1930s-1950s), Iranian students studied in Philippine schools but never returned to their homeland (1970s-1990s), and "boat people" sailed in from Vietnam (1970s).
In the meantime, Koreans have been quietly embedding a large community of mothers and schoolchildren in the country (their fathers work in Korea and send money to them) so they will grow up knowing how to speak fluent English. Koreans are happily integrated within their Filipino communities even if they keep a low profile in the country.
As the Philippine economy deteriorated under President Ferdinand Marcos, thousands of Filipinos worked overseas for years in the Middle East, North America, Europe, Africa, the Caribbean, and Japan, or on the high seas on the world's merchant ships. Today there are over 10 million Filipinos still working overseas as construction workers, seamen, domestic helpers, nannies, caregivers, medical professionals, IT programmers, managers, etc., in one of the biggest diasporas the world has seen.
At the same time, thousands of Filipinas went overseas as "mail order brides" to Europe, Australia, and North America even as many of the men came to either fetch them or settle in the islands permanently. More foreigners are expected to enter as short-term tourists or as retirees and permanent residents.
Yes, the majority of Filipinos are mostly Malay (between 60%-80%) but you'll see half-Filipinos or mixed-race Filipinos who speak English or another foreign language well and have Spanish, English, Chinese, Middle Eastern, or European family names and middle names. There are Filipinos who are half-black (Nigerian, Jamaican, or black American), half-Indian, half Iranian, or half-Latino, and proud of it. The composition of the Philippine men's national football (soccer) team with their "pureblood" and "halfblood" players, the Azkals, demonstrates this quite well. At this point, it no longer matters to Filipinos what "race" really means, even if they personally prefer to have lighter skin. Selwyn Clyde M. Alojipan's answer to How are half Filipino-half Black people treated in the Philippines?