No, not because they have a great seat pitch. And not for their horrible departure terminal at Kuala Lumpur airport (which is probably history by now anyways).
Air Asia Philippines is just entering the highly-competitive domestic Philippine market and is flooding the market with fares that are hard to resist. They price at 10 cents per mile – even on short flights. So many flight within the Philippines can be had for under $50 – many for way less.