They will not take your foreign licence from you, but effectively it's useless in your home country unless the address on it is still an address that you use there. That's the case in UK at least.
If you plan on travelling and want to drive, why not just get an International license. Good for a year and accepted in any Country except the one it was issued in. I've not gotten one here, but I was told by someone who did that they charge more than other countries that offer them.
You have to be a member of Automobile Association Philippines to get an International Driving licence here, so there's also a membership fee. Their closest office is in Cebu and according to posted info you have to personally hand in the required documents and collect the finalised ones (although with a little pressing by email, I got the clerk at the office there to agree that a family member could hand copies in and pay the fee for us and she would post out the membership and licence). Link here: https://www.aap.org.ph/
You keep your foreign driving licence... Probably worded wrongly "convert" I'm sure they just look at it then give it back.
Convert means they honor the qualifications of the foreign nation, and do not require re-testing of driving qualifications. You may still need eye check, drug test. It's like one U.S. state/jurisdiction honoring the license issued by another. That's if the foreign d.l. is in English. The international license is really meant for others.
I've been told that if your driving licence is not in english, it must be translated by an official translator even if you've an international license (?)
Basically the International Permit ( which is what it is called) is a Translation of your Country's License and even so, you still only have the 90 days grace to use it here, after the 90 days you are considered Not on Travel, I know because I have been there on a Spanish Licence
Exactly. Though already many years ago, I have to get a translation and secondly have it legalized @the provincial office. And yes, my home country DL was not hold or marked with anything @all.