Wirecard's collapse is causing global ripples.
The German payments firm declared insolvency last week after admitting that $2.1 billion of its cash probably didn't exist.
On Monday (June 29) the Philippines' anti-money laundering agency, or AMLC, said it would conduct a "swift and thorough" investigation into the firm.
Things unravelled this month after Wirecard auditor EY refused to sign off on accounts for 2019.
It said there were clear indications of an elaborate fraud involving multiple parties around the world.
The Southeast Asian country became involved after Wirecard initially claimed it kept the missing billions in two Philippine banks.
Now the AMLC says entities of interest include three local firms.
The Philippine central bank governor, who chairs the AMLC, declined to say who else the probe might look at.
Wirecard Chief Executive Markus Braun was arrested in Germany last week and has been released on bail.
German media have reported that prosecutors will also seek to arrest Jan Marsalek, the former chief operating officer.
Reuters has been told that Marsalek was in the Philippines on June 23rd.
Immigration records showed he flew to China from Cebu the next day.
But Marsalek was not captured leaving the country on airport surveillance cameras, and there is no record of a flight to China from Cebu that day, suggesting he may still be in the Philippines.
Wirecard shares soared 152% on Monday, following a plunge of around 170% over the past three weeks.
Traders pointed to media reports that French payments processor Worldline and other private investors are interested in buying parts of the company.
Wirecard also said it would proceed with business activities after filing for insolvency.