VERY NICE ONE.

I HAVE NOT SEEN ONE LIKE IT. THE FACE LOOKS CHINESE AND THE TECHNIQUES USED CHINESE STYLE AS WELL. THE CHINESE ARE MASTER HORN CARVERS AND THIS LOOKS MORE LIKE A BUDDHA FACE THAN A EUROPEAN ONE TO ME. IT IS LIKELY CHINESE WERE PRESENT IN THE PHILIPPINES BEFORE THE SPANISH SO TALENTED ARTISTS WOULD HAVE FOUND WORK THERE FOR WEALTHY SPANISH AS WELL AS WEALTHY PHILIPPIANS.
HERE IS YOUR PICTURE LIGHTENED UP TO SHOW THE FACE BETTER. THE HAT AND CLOTHES WOULD ALSO BE A CLUE AS TO WHO THE ARTIST WAS TRYING TO REPRESENT CHINESE OR EUROPEAN.
I WOULD CLASSIFY IT AS A LUZON BOLO AND IT PROBABLY HAD A NICELY WORKED LEATHER SHEATH.