You don't need to leave your present passport in the Philippines Embassy during the application,
The Philippine Consulate General in Shanghai advises the public that starting Monday, 15 June 2009, it will accept and process applications for the Machine Readable Passports (MRPs).

Processing of MRP applications will take six (6) weeks. Applicants are, therefore, advised to submit their applications at least three (3) months before the expiration of the Chinese visas, or before the expiration of their regular green passports, to avoid inconvenience. Applicants are also reminded that Philippine passports may be renewed six (6) months before the expiry date.

Prepare the following documents for Renewal of passport:

a.Duly accomplished Passport Application Form (available at the Philippine Consulate General or can be downloaded at www.philcongenshanghai.org). The form must be printed on legal size paper (8.5in x 14in);
b.Four (4) passport-size pictures with royal blue background. Applicant should be in decent attire with collar. Photo must be of good quality and must have been taken within the last six (6) months. Photo size: 4.5 c, x 3.5 cm. Full Frontal Facial image size: Not Less than 3 cm. Face: Full frontal shot; The Consulate General has the right to reject photos that do not comply with specifications.
c.Photocopy of data page (page 1), and last page containing signature of signing officer of current passport;
d.Photocopy of passport page containing valid visa.

Note: Please present the original documents for verification. The Consulate General reserves the right to require additional documents deemed necessary to help establish the identity of the applicant such as Company ID, Driver’s License, PRC License, Marriage Certificate, Birth Certificate, etc.