No, they are doing it out of pure stupidity in my opinion and an over-hyped media. The flu and/or car crashes will kill a hundred times more people today in the Philippines.
Unlike you, they can process the concept of exponents.
How many cases did Italy have 2 weeks ago?
How many cases do they have today?
How many of those cases require ICU or critical care?
How many ICU/critical care beds do they have (not enough)
How many die because of insufficient medical care? (lots)
Philippines has watched what happened in northern Italy and said ‘nuh uh, not here!’ and acted accordingly.