I'd rate the F18 more than the F16... pricing should actually be similar, since the planes are of similar vintage, and our mechanics might be more familiar with the F18 if it's similar to the F5 (Both planes are Northrop-designed).
The US Navy went for the F/A 18 due to serviceability and reliability (yeah, they're the ones who insist on a twin-engine layout, for safety reasons). It's designed to be robust and extremely serviceable. Besides that, the F18 is an excellent fighter-bomber... with the ability to dogfight commendably while
carrying a full bomb load. Let's see the F16 do that, eh?
An F35? Fat chance... but 48 million is a pretty good price for any kind of advanced fighter... that's only... hmmm... 2 billion pesos. Two wings of F35s... kasya sa 50 billion, with room for spares....
But I'd still rather we got a cheaper platform, so that those aircraft could cover more of the archipelago... We could buy twice as many F/A 18s for the price of those F35s, with spares, and they'd last us another 20-30 years... they're still up-to-date aircraft with a proven record in the Gulf against the sort of aircraft (modern Sukhois and MiGs) that they'd most likely encounter.
Maybe just fund one flight of F35s, about five or six, as a showcase, then spend the rest of the money on more realistic workhorses... one squadron of F18s (maybe half being secondhand, the others being brand new... but at brand-new prices, the F35 looks good...) then add more modern helicopters... Westland Lynxes for close air support in Mindanao and some heavy lifters for more menial duty.
My fear is that if they go for the best stuff available, those aircraft will end up rotting on the runways being unused. Better to have something more familiar and cheaper to operate.