I agree, T-50 with all or half of the fleet fully capable A-50 combat jets would be a good solution for the Philippines. I think the M-346 with its integrated electronic training datalinked simulation system is more aimed at customers needing a capable training platform for advanced jet pilot training with bigger fleets and more pilots to train for more advanced aircraft. While the Koreans now offer the T-50 as light fighter/attack already, for the M-346 this track hasn't been explored further than the drawing board afaik and there's no need to go there for the Italians themselves. (unless, we're talking AMX replacement? but then, the Italian defense will face serious spending cuts in the next few years). If I'm not mistaken, the A-50 already getting his radar, while for the M-346 more attention is given to simulate having radar.
If there's ever going to be another fighter for the PAF, I'd guess second-hand F-16s, then the transition from T-50 to F-16 should be seamless, which is another pro.