Philippines: Latin America in Asia?

I have always wondered whether the Philippines has a lot in common with South American countries because of the obvious facts: having been colonies of Spain, and ending up in poverty after the colonial era. Later on, I found a study by a visiting professor that stated that the Philippines is only Asian in location; in everything else, it is a Latin American country.

Link to a pdf paper by Robert Nelson

Tough Riddle (Inquirer Article)