Depending on where you are in the world, other servers will have higher latency (ping) which is bad. On the west coast of NA, I get about 70 ping to the NA server, but about double that if I log onto EUW (or at least, it was around 140 a few years ago when NA was down for like a day)
You can log onto another server, but your account will need to be recreated (with a new email iirc) and you will start at level 1. You can move your account between severs (theres a server swap in the shop) and that will take your skins, IP, RP, XP, etc to the new server. You will not be able to access the same stuff from the old server, and would have to create a new account to play on it again (or move your whole account back).
I believe there is an Oceania server, which I think would be closest to the Philippines, but I do not believe it is exclusive. If you're in NA playing on the NA server, you should probably expect to see higher pings when connecting to that server. I would suggest making a test account there before paying to move your main account over.