This chapter provides perceptual and acoustic analyses of English speech data produced by educated Filipinos to describe current phonetic features of Philippine English (PhE) and validates descriptions of the phonology of this variety of English with respect to vowels, consonants, lexical stress and rhythm. It also seeks to contribute to the ongoing discussion on PhE in Schneider’s dynamic model. One salient feature of PhE vowels is that reduced vowels of unstressed syllables are realized as full vowels among mesolectal and basilectal speakers, due to lack of reduction of unstressed vowels. The occurrence of full vowels in function words of and that is low as expected. Variation occurs for the LOT and THOUGHT vowels. For purposes of clarity, the Standard Lexical Sets developed by Wells is used alongside the International Phonetic Association symbols in the present study for the description of PhE vowels.