A weak peso may encourage more investments (lower cost) that can help boost up further the BPO industry. OFW remittances would also have more value. This increases consumption which is favorable for a consumption-driven economy.
However, it can also increase costs as oil prices are in USD. Hence, inflation eventually follows.
Weak peso can have a net positive effect on the middle to upper class. Unfortunately, the poor severely gets impacted from it, and as we see, devaluation of peso is on its uptrend.
It's expected that inflation in PH would be on a downtrend because things will get expensive given that we import a lot of our goods. I doubt that this benefits the middle class even with the OFW remittances, the middle class would still be driving the consumption demand unlike the rich that consumes less. We need to factor in that a stronger USD meant more purchasing power for foreign ownership to muscle their way in purchasing local assets too.