One of the latest post at the official Google Webmaster Central Blog hints that the country-code of domains along with the server location affects the SERPs of a website:
Use regional and geographical domains in line with their purpose.
First, a sidenote for the Western webmasters: some Eastern European countries like Poland and Russia have so-called regional or geographical domains. Imagine that all the states in the U.S. had their official second level domain and if you wanted to open your webshop delivering to Kentucky, you could do it cheap or for free on eg. ky.us. This could help Google serve geographically relevant search results. In case you wish to sell organic soaps to people in Szczecin, do open your webshop on szczecin.pl. If you are from Kalmykia and would like to show the world the beauty of your area, go ahead and set up your Kalmyki travel site on kalmykia.ru. If you like a region, support it by hosting your site on the related regional or geographical domain. Be aware that webspam on these regional domains violates the correct use of them and prevents the development of your country’s web culture.
So, if all else being equal, a .com.ph will rank higher than the .com when the user/searcher is in the Philippines.