It's decently done; some of it was actually funny. Yes, Sharon works as an icon 'satirizing' her own onscreen persona, yes you see her doing the same plugs of products that she does in real life, but that's satire in quotes: Joe Dante and Alfred Hitchcock knew how to really bite the hand that fed them.
And it seems to be pulled in two directions at once: on one hand you have the plight of women scrabbling for a living (Tanging Ina redux), on the other you have this solemn National Geographic doc about Filipino Chinese funerals, with maybe five jokes thrown in.
As for Sharon herself--she didn't embarass herself, but I liked her better when Joyce Bernal handled her (then the fat jokes really flew), but I don't think she qualifies as 'finest actress in the Philippines' just yet. Let me put a whole host of actresses plus Irma Adlawan on the line before her.
Incidentally, Hilda Koronel's character, a comic variation of Anita Linda's character actress in Babae sa Bubungang Lata (a superior multiple-story, multiple-character film, I think), is the best thing in the movie--she gets the funniest lines, the best story resolution, and she's moving to boot, under all her faded illusions.
It's decently done, it's fitfully funny, but it doesn't have much teeth. Fine and good for Philippine cinema that it made a little money and garnered a few reviews abroad. Now let's go on and watch something else.