Am glad that there are a lot of tsikot members here who are well versed with the law. I'll just add some tips para sa lahat. You may find this tedious pero I assure you that all events and circumstances will favor you in the end.

TIP NO. 1: I have inside my car a pro forma fill in the blanks affidavit which is very much similar to that being executed sa police station. Pag naaksidente, kinakausap ko kaagad ang kabilang partido kung may insurance siya at kung pwede pakita nya ang driver's license nya. Pakita nyo rin ang sa inyo. Assure him/her na insurance na ang bahala then comes out the pro-forma affidavit.

Contents: A. Your name and personal circumstances;
B. Description of vehicle you are driving + plate number;
C. Name and personal circumstances of other driver;
D. Description of vehicle you are driving + plate number.
E. Narration on how the accident took place describing fully well on where the vehicles came from before the impact. (TIP: pag kayo nabangga descibe it in tagalog like "bigla na lang akong binangga mula sa ..." kung kayo ang nakabangga "di ko namalayan na bigla siyang lumusot at nagkabanggaan na kami"
F. Indicate if the driver's license of the other party is still valid. Kung ang sa yo paso na, be silent about it. ehehehe.
F. Look for a witness, (abutan nyo ng P50 to P100 pesos at kausapin na samahan kayo habang di naayos ito)

When the traffic investigator arrives, hand to him the affidavit para wala nang usapan at baligtaran.

By the way, if you have a camera phone, use it to get pics from all angles.

TIP NO. 2: Use tip number 1 if the other party is not willing to enter into a compromise. Compromise should only contain (a) approximate amount of damage; (b) outright payment of such amount; (c) hospitalization of the injured parties (wala sa usapan kung sino magbabayad ng bill).

TIP NO. 3. Only use tip number 2 kung willing to enter into compromise ang party. Kung ayaw, use tip number 1 and keep your mouth shut and never give your phone numbers to the other party kung ikaw ang nakabangga.

Basically, the TIPS shorten the time being wasted sa pagtatalo sa kalsada and it prevents traffic from building up. These are practical tips which will shorten the proceedings sa presinto.

BALIK TAYO SA PROBLEM MO:

Yup, the previous posters are right in saying that they could sue you for reckless imprudence. Lawyer? They could file the case for free and let the prosecutor (formerly known as fiscal) to handle the case (for free too). In sum, they could legally pressure you to give in to their demands without spending more than their cab fare or jeepney fare.

It doesn't really matter if they could indeed sue you or not because anyone could file a baseless suit anyway. What is more important is for you to determine if the law favors you. If it does, don't worry about the case and let your lawyer do his job. By the way, meron mga PAO lawyers dyan na for free din kung medyo short ka.

IF YOU ARE THE GUILTY PARTY:

Whenever you are engaged in an accident, invoke your insurance if you have one. If you don't have any insurance, amicably settle the same. If settlement is not possible, let the court decide.

IF YOU ARE THE AGGRIEVED PARTY:

Ask for the other party's driver's license and take note of its expiration, inquire about his insurance coverage, ask if he is willing to settle (if unwilling, use TIP No. 1 or 3), assess the damage, be aware of your authorized repair limit as per your insurance, ask the other party if he is willing to shoulder your participation in the event that he doesn't have any insurance.

Your other concerns concerning compensation, moral damage, loss of income opportunity are issues which could not be determined by the parties alone. The evidences presented and on how the court will appreciate them will determine those claims.