Convection looks healthy, but the shear maps at CIMSS show some modest (but decreasing) shear in the area due to a trough. However, the air is quite moist:
http://www.ssd.noaa.gov/mtsat/wpac/wv-l.jpg
Regardless of whether or not this develops, this isn't a threat to the Philippines, who have had enough tropical cyclones this year.
