Many Philippines stamps were overprinted after World War II. Yours looks to be a standard Sc#494. The overprint is fine. There is an inverted Red Cross slogan cancel.
It occurs to me I should give credit to the source of the cancel info, above, and allow anyone interested in learning more than one thought you could know about Philippines slogan cancels to dig deeper:
Cjd: I read your post in bed on my iPad where I don't login as a member so if I want to reply I wait until I'm at my desktop computer. I was going to ask you for a citation where you found the information that you posted But in the meantime you had given credit in a later post.
Anyone who posts such information on here should always cite where they found the information.
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