I grew up with the stories of the "Aswang", which is a mythical creature in Philippine folklore. (The Aswang is an inherently evil vampire-like creature and is the subject of a wide variety of myths and stories, the details of which vary greatly.) Knowing this, I was expecting a great deal from the movie.
The opening scene was fairly decent and stoked me up for what should be coming next. Unfortunately, I was sadly disappointed with too much unnecessary dialogue that made the movie a bit of a drag to watch after the first part.
To make a brief enumeration, the story had a lot of potential. I believe they could have made this into a really good horror movie since the concept of the folklore has its own charm.
All the actors had to be given credit for doing a superb job on such an obviously meager script. If they did one thing right, it's picking out the cast in this film.
Now, the background music/sound effects reminded me of Vincent Price for some reason. Which I found a bit funny since the cinematography is like watching something from the 70's. I'm thinking, it's either something deliberate for effect or just a result of having a low budget.
Things pick up, though, near the end. Unfortunately, even then, there wasn't much focus on the Aswangs and their shape-shifting prowess. This could have been precious fodder for making a great horror story and messing with viewer's minds.
Overall, it's not THAT bad, but it's not something I would watch again.