Problem is the Philippines are so crime-ridden anyways that distributing guns to the populace would result in turf wars and other various gangs vying for control/influence of areas. It's a good thought in concept, but seeing how they would dismantle your car to sell its parts of you left it long enough out of view (several Phillipino friends can attest to this), I would say no, that is not a safe move.
Now, that's to say, though, that this would be more of the immediate impact. In the long-term, it's harder to say.