The Php34,990 price is the prepaid kit price from Globe. It is possible that the suggested retail price by Samsung for the Philippines is different (hopefully lower).
Last year, Globe was selling the prepaid kit of the Galaxy S4 at Php30,990 which was also the SRP by Samsung. If that is the case, then expect retail stores to be selling the Galaxy S5 in the Php35k range.
Globe is also offering the Galaxy S5 on postpaid plans here.