If the Portuguese got the Philippines, there's a good chance that they would get Taiwan and the Ryukyu Islands as well --at least until Hideyoshi got frightened of Portugal getting that close to Japan. Or the Southern Ming moved on Taiwan, Ryukyus and the Philippines
. Portugal would likely in that case also be able to hold the Moluccas against the Dutch. And if the Dutch cut Portuguese Philippines off from Portugal at the Sunda and Malacca straits, the Portuguese would likely work a go around south of Australia which could lead to Portuguese colonization of Australia in the 17th Century. We could see an Australia settled by Lusonians and Visayanese in the North--and a common culture and nation all the way to Sulawesi, Moluccas and eastern Lesser Sundas with European Portuguese more prevalent in South and Southeast and Southwest Australia.
A lot of mixed marriages between Portuguese and Asians in these large lands just as there was (is) with Africans in Brazil.
As for what Portugal might give Spain to get all this, perhaps the Mouth of the Amazon and no Portuguese settlement south of Rio.
And the way all this could happen is that Magellan's expedition is simply destroyed at sea, which was the most likely outcome of his attempt to cross the Pacific. Sir Francis Drake becomes the first Captain to circumnavigate the Earth and that does not help the Spanish at all in crossing the Pacific. In fact it means no Pacific Spanish crossing at all until Mendana and Quiros and Torres in 1598 by which time the Portuguese have their fait accompli---and need it, with the VOC breathing down their necks.