There are a few other films I liked better (Zombadings, etc.) but I think this is a good choice (if Amigo wasn't qualified, of course) because it's about filmmaking and AMPAS often loves those kinds of stories and unlike Zombadings, the humor can easily be translated.
Despite my problems with the film, Eugene Domingo is not one of them. She should sweep all the Best Actress prizes locally and internationally for the "Three Kinds of Acting" scene alone.