Rice Terraces of the Philippine Cordilleras by Gary Arndt
I visited the Rice Terraces in October 2007.
The Rice Terraces of Banaue are easily the most impressive attraction in the Phillippines. The terraces were built over the course of centuries, and the locals like to describe it as the "largest thing built by free humans", which is a dig at the pyramids.
Getting to Banaue takes a bit of time, as you have to go up winding mountain roads, but it isn't too challenging. When I visited in 2007 the only real hotel option was a tourist hotel built during the Macros regime.
If you have to ask the question "what should I go see in the Philippines?", I'd put the Rice Terraces on the top of your list.