If you're an English-speaker, yes. Most Filipinos will understand English, although not all can speak it fluently. The Tagalog, Cebuano and Chavacano dialects have Spanish words in them, so if you're a Spanish speaker, u will catch some familiar phrases.
English: How are you?
Spanish: Como esta?
Tagalog: Kumusta?
Cebuano: Kumusta?
Chavacano: Quetal uste?
If you can speak Filipino phrases, locals will be really really impressed. If locals call out to you with "Hey Joe!", that's a friendly greeting and there is no need to run!