The original stamp (no overprint) was issued 15Feb1935.
Afterwards, it was reissued with 2 types of COMMONWEALTH overprints (large tighter-spaced lettering, smaller wider-spaced lettering).
It looks like you have the latter type of overprint. The latter overprint was issued on 12May1939 with a total printing of 2695242 stamps. I don't know why the printing is not a multiple of the sheet size. They may have deducted for printer's waste, rejects, or damage/loss.
In the Scott catalog, your stamp is Philippines #437. It is a relatively common stamp. Nevertheless, thanks for posting. I haven't looked at my Philippines stamps in quite a while!

k