What are the economic effects of pursuing the current national language policy?

Gavin Hughes of the Preserve the Native Languages of the Philippines FaceBook group (see below) writes:

Not only is the current policy destroying the cultural heritage of the Philippines, it also makes no economic sense. Speaking Tagalog fluently does not ensure work or even education opportunities. With Tagalog but no English, one cannot attend university. But with English alone, all university doors are open. It is skill in English that increases employability, both in the Philippines and abroad. Instead of focusing on Tagalog, students need to focus on their own native languages and English.