There's no need to be alarmed. The title of this post refers not to the demise of Philippine Studies (PS), but to the fact that more than five decades of its issues—from the first one published in 1953 to the last issue in 2006 not covered by the embargo mentioned in "FO: Philippine Studies"—are now available online.
In addition, subscribers inside and outside the Philippines now have other options for renewing subscriptions. Full-text searching is not possible, but an index for the 1993-2007 issues (pdf) may be downloaded. Here's hoping the indexes for the older issues will also be made available.
FO: Philippine Studies, 1953-2006
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Filipiniana Online