I was born and mostly raised in the US, my wife was raised here in Manila. We're worried our children will favor one culture more than the other. How do we balance their respect for both? Can anyone relate to this problem?

I grew up in a bicultural household and I think the best way to go about it is to get them active about certain facets of each culture as young as possible. In time they won't recognize these two cultures as separate. instead your kids will recognize this blended household as a culture of its own. Here's a cool article that might be useful: http://www.parenthood.com/article/bicultural_families_meeting_the_challenges_of_raising_children_with_two_cultures.html#.V01IF5N97q0

Maybe you and your wife can each be in charge of teaching Western and Pinoy cultures. Like, say, you can teach your kid one culture and your wife does the other. Or better yet, just teach both simultaneously if you both can.