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Morga's account of the Philippine islands offers only the perspective of the colonisers throughout the archipelago, and understandably so. To my understanding, this account was prepared for the Spanish monarch and his associates for a clearer picture of the affairs and histories in the colony without having to visit.
The translation is archaic. Navigating the notes proved a tedious task. If you plan to read this account, do not make the same mistake of expecting that much of the book will provide a historical tour of the Philippine islands and its inhabitants.
In any case, I found that Morga's account is slightly more useful to keen historians (or history nerds who are as keen or perhaps foolish like myself) than Filipino readers looking to know more about the history of their country. O.D. Corpuz's "Roots of the Filipino Nation"—which is not here, unfortunately—is more useful in that regard. That said, the latter appreciates the former's utility.
If you don't have access to better books on Philippine history prior to or circa the arrival of the Spaniards, then you will not be too amiss with Morga's account.
An occasionally fascinating primary source on the Spanish colonial administration of the Philippines. Unfortunately, an interminable slice of de Morga's attention is devoted to Spanish adventures on the Chinese mainland.
Also, if you're into Rizal, it's entertaining to see Rizal correct and "correct" de Morga in his footnotes.