When I just started and @romeskie invited me to join the #hiveph community and the Discord channel, we had a long conversation about account ownership, the vision and goals, and real-life day-to-day operations. The master key possession is really important, it signifies ownership of the account and the assets to go along with it.
What happens to the account 5 or 10 years down the road if, say, for example, HIVE moons and the account is now worth millions. Is there an exit plan? I don't care if it is a community account or a private account that wants to help Filipino-oriented posts but at least we should be aware of what it really is.
If #hiveph is a private individual account, and he/she decides at some future time to cash out, then I don't have a problem with it. If it is a community account, then your point about one person having possession of the Master Key might be an issue. On the other hand, having multiple persons keeping the Master Key presents problems in itself. Who has the ultimate responsibility of keeping the account safe if there are many in possession of the Master Keys? If something happens, then at least we know who screwed up.
And again, I don't have a problem whether it's a community or private account, but since you brought it up, it's good to be clear about it. Is the account philanthropic or is it a non-profit?