I have done this and the visa remains valid, not being from the Philippines, I have not done it with a Philippine passport.  You will need to hang on to the old passport and present both when you enter/exit the country. 

You need to check with your passport office what they will do to your old passport though, because most likely they will need to do something to it, to make sure it physically looks expired, the page with the visa must remain intact. 

Usually you take it to the Visa office and they put a copy into your new passport

however there is never anything usual about China  

good luck

the visa remains valid as long as you are still holding the old passport and present both passports when you are travelling.

best scenario for you is to transfer your current visa to the new passport because, I was told that some airlines may not accept this sort of thing, not sure though.

Techically, China will not issue you a visa unless the passport has at least 6 months left of validity.  And if it does, they will not issue you a one year visa with only a few months left on the passport.  When the passport expires, it is "Cancelled", thus any visa attached to it should also be cancelled.

Now, what happens in China will depend on the official looking at the passport. And I would not even venture a guess, by now I am used to the fact that anything that could happen will eventually happen in China.

I have had this issue many times. The UK bind the two passports together. My wife is going for her Phils passport renewal tomorrow. Let you know what they say.

Keep your old passport and it is valid even with the new passport just show it together the old passport together with the new passport.