You will need a passport that will be valid for 2 years 6 months and then you can extend your visa for up to 2 years and then you'll have to leave and come back if you plan to stay longer.
For those that have not heard the news, the Bureau of Immigrations now allow up to a two year stay, you can read this article from The Manila Times and I also confirmed it by going to the BI and seen the Memo.
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