Before you go crazy or something here are some of my thoughts about this news
Why did Garena PH shut down?
In my opinion, it all boils down to one thing, Money, it means Garena PH is not making a profit even with the release of AoV so in a financial viewpoint shutting down the Philippines office is reasonable decisions.
Another reason may have been the most recent debacle, in which League of Legends Client was infected by a crypto mining script that resulted on higher CPU usage on affected users.
Will LoL be removed in the Philippines?
God No, its still one of the most popular game in the country, League of Legends is here to stay. Also, bear in mind Garena did not create League, Riot Games made it and Tencent is a majority owner of Riot Games so in short Garena is just a licensing publisher to aid penetrate the market.
For me it would actually be better if we dont have Publishers like Garena, why? this means we will get updates directly from Riot Games for League of Legends, minimal region lock if Arena of Valor is published directly by Tencent imagine getting the same update from the parent company.
What will happen to my LoL account?
Nothing, data centers are usually situated overseas like Singapore so based from the news that Singapore office is now handling the situation your Garena accounts will remain as it is.
Proof? here is the location of the Garena Servers for SEA
So what will change?
Most likely change will be the events, since Garena has close ties with gaming event coordinators in Philippines its unknown how or who will be the contact meaning some LoL or AoV related events could get affected
Is this a good or bad thing?
For me its very good, did you know that you cannot access lol account information in Philippines because of the lack of api support? if we merge with Garenas other SEA data centers we might get access to this stats meaning ranking factors are now SEA based.
Video Coverage:
here are some of my thoughts and opinions feel free to add yours in the comment