I just reread your message and picked up on this. I missed it on the first run-through. The ribbon you refer to as "one of the ... ribbons given for participation in the defense of the Philippines" is probably the PHILIPPINE LIBERATION RIBBON (PLR). This was issued by the Philippine Government to American personnel who served in the Philippines between 17 October 1944 and 3 September 1945 and who met one or more of three qualifications. Individuals who met two of the three qualifications were authorized to wear the ribbon with one bronze campaign star. Personnel meeting all three qualifications were entitled to wear the ribbon with two bronze campaign stars. The bronze arrowhead, being an American insigne, was NOT authorized. The PLR is dark red with a dark blue stripe and a white stripe, both of equal width, in the center.
The only other ribbon issued for service in the Philippines during the war is the PHILIPPINE DEFENSE RIBBON (PDR), also issued by the Philippine Government, for participation in the Defense of the Philippines, 8 December 1941 to 15 June 1942. There were two qualifying criteria for this award. Individuals meeting both requirements were entitled to wear one bronze campaign star on the ribbon. Here again, the bronze arrowhead device was NOT authorized. The PDR was also dark red with a broad white stripe on each end near the center. In the center, three white stars are embroidered in a triangular arrangement.
If you have either of these ribbons with more than the number of stars indicated above its a fake; especially if it bears a bronze arrowhead. Novice collectors and re-enactors have been buying an incredible array of fake items in recent years. It pays to learn what to look for BEFORE you lay out your hard-earned cash - unless, of course, you're one of those rare individuals who has money to burn.