I believe it is meant to be per person but traveling to such a corrupt and lawless country as the Philippines with that kind of cash on hand seems downright irresponsible. Also remember that interpretation of the law is up to the government employee you are currently talking to. Once you are detained the chances of you walking away with that cash is pretty small.
It says one card per family is "sufficient".....not required. In the section about currency it says "any person" carrying more than $10k (not persons, group or family). The form lists several laws as sources for more information. Probably best to read those laws than take a guess if you are going to travel with anything close to that amount of money. Also note that it is not only cash that counts towards that $10k. Best be d*mn sure you don't have any loose change or those other forms of currency in your bags.
There are much safer ways to get cash into the Philippines than to carry it on your person. Just don't do it. I never carry more cash than I am comfortable losing in 3rd world countries.