The search for an indigenous Filipino philosophy has been the goal of several Filipino thinkers. While there are some who claim that Filipino philosophy could be found in folk sayings and traditions, there are others who claim that it is the mere act doing philosophy that constitutes Filipino philosophy. The tension between these two claims needs to be carefully examined. What are the foundations of Filipino philosophy and how can it be distinguished from other schools of thought? If by “philosophy” we mean being critical with our search for truth, and being equipped with the ability to cogitate and rationalize, then the second claim above should take precedence over the first one. The challenge that this paper would undertake is to re-evaluate our presuppositions regarding the definition and foundations of the thing we call “Filipino philosophy.” Undoubtedly, among the leading experts in the search for Filipino philosophy are Leonardo Mercado and Florentino Timbreza. This paper, therefore, would study and evaluate the basic presuppositions of these two thinkers as to what Filipino philosophy is.