mcalleyboy,
That guy Sean whose video you mentioned makes some good points. I have seen others of his videos. It is interesting that he comments that one should plan to work full-time in any business one starts in the PI, or don't bother starting. I think that applies just about anywhere. Starting a business is a significant undertaking and it requires more time than the more typical 40-hour week of an employee. If the owner does not dedicate the time to make it a success, no one else will.
I do think it possible to establish something modest, as Majal suggests, particularly if the point is not to make money to support oneself. I think that's the safest way for foreigners to approach business in the Phils. Don't plan on it supporting you. Make sure you have adequate income from other sources already. Also, do not invest what you cannot afford to lose. That way, if you are fortunate, you might even make a decent profit, but not the end of the world if you don't.
BTW, that guy Sean says he's from Canada. Mcalleyboy, you say he's an Aussie. Perhaps he's both.