Help With A 1 Cent Franklin From The Philippines

Hi, I need your help. I found this Franklin 1 cent stamp, which appears to be a Philippines cancellation (FELIPINAS?). Is it an overprint? A cancellation? I haven't found it in the Scott catalog…

Looks like a cancel to me. I don't see anything related to Philippines. What am I missing?

I deduce it from the Spanish "Filipinas"...

If the diagonal marking is an overprint, and if the stamp in your scan is (at it appears to be on my monitor) truly blue, it doesn't appear to be anything official of which I'm aware. The earliest US stamps Scott lists as overprinted for use in the Philippines include the First Bureau Issue's 1¢ Franklin in green, but not in blue.

From what I've read, unoverprinted US stamps were used for a short time in the Philippines prior to the introduction of the overprinted stamps. Regrettably, I'm not knowledgeable about Philippines postal markings, so I can't comment on whether what you're seeing could be a postal marking.