The Philippines is a naturally water-rich archipelago capable of sustaining its ecological goods and providing services and needs of its people. Several waterbodies have been declared as natural wetlands in the country supporting the needs of community like water and food. In this study, 65 natural wetlands were considered including six sites that were identified as ‘Wetlands of International Importance’ such as Naujan Lake National Park, Agusan Marsh Wildlife Sanctuary, Olango Island Wildlife Sanctuary, Tubbataha Reefs Natural Park, Las Piñas-Parañaque Critical Habitat and Ecotourism Area and Puerto Princesa Subterranean River National Park. There are 22 wetland types presented in this research categorizing the Philippine wetlands. Philippine wetlands are now facing tremendous challenges such as land use conversion, abuse of resources, pollution coming from domestic, industrial and agricultural activities, and climate change. This paper provides an overview of Philippine wetlands in terms of their characteristics and components, impacts in the ecosystem, and the challenges they are dealing with. Moreover, the preservation measures that the government and private agencies implements to these wetlands were discussed and assessed. The enforcement of local and national laws concerning wetlands is found to be inadequate resulting in poor quality wetlands. The preservation and utilization of these wetlands can be maximized with a voluntary participation of whole Philippine community.