The Philippines does not allow divorce. The best approximation to a divorce-Philippine style is declaration of marriage as being void under Article 36 of the Family Code.
In legal separation, either cannot remarry, whereas in Art. 36 marriage nullity, either spouse can marry again.
In legal separation, the property of the spouses brought into the marriage will be treated and disposed of following the rules as to whether they had absolute community of property or conjugal partnership of gains. In Art 36 marriage nullity, any property brought into the marriage wi be treated and disposed of following the rules on co-ownership. I'll give examples later.
As to whether or not the children conceived are legitimate, in legal separation and in Art 36 nullity, the children are considered legitimate.
There are other cases of annulment of marriage where the children are deemed illegitimate.