Time can be very elastic in the Philippines and some western business people can feel frustrated with the pace of progress in meetings and in negotiations generally. It is certainly not unusual for meetings to start late - and the more senior the person you are going to meet the more likely it is that the meeting start time will be delayed. It is important, however, that that you arrive punctually in order to show the right amount of respect.
Meetings will usually start with quite a lot of small talk.