If the Philippines dumps US treasuries, US bond yields are predicted to spike higher, leading to increased borrowing costs for individuals, businesses, and the US government, and making homeownership less affordable for the average American due to higher mortgage rates.
"That would only mean that our yields would spike up even more, making it more expensive for people like you and I, businesses, and the US to borrow money. So, if you wanted to take out a mortgage, it's already more expensive now than it was 3 months ago because of bond yields going up. The 10-year Treasury is a benchmark for mortgages. Now, if this happens, they will spike even higher. So, again, making it more expensive and more irrational for the average American to be able to afford a home."