If you get to Shanghai, there is a street where pretty much all the stores sell musical instruments. The hot item is Gibson Les Paul knockoffs. You would have a hard time telling the fakes apart from the real item, unless there were side by side, upon close examination. And they play really good too, for a two hundred dollar instrument, which is about $3,000 less than the genuine article.

And yes, for nice handmade acoustic guitars, and instruments, Cebu is the place to go.