Good question. Nice to see that that private cruise missile project is still up

Cruise missiles are indeed an easier technical challenge than ballistic missiles. Even if we ever made it all the way to developing indigenous ballistic missile technology, cruise missiles will still have a role to play. It need not be an "or" situation, it really ought to be an "and".
Cruise missiles are easier to build. They are also easier to destroy. This was true as far back at the original cruise missile: The Nazi V-1 "buzz bomb"
https://youtu.be/sY8bsNYhU-4https://youtu.be/76E82QVE0cgThe V-2, on the other hand, was virtually unstoppable . . . then.
Development of ballistic missile defense technology has since reduced its edge. But that also highlights how cruise missiles are even more vulnerable, which can be engaged by both fighters as well as SAMs.
That being said, imagine a scenario where Chinese Panganiban Reef installations could be neutralized by a combination of Philippine missiles. Ballistic missiles to take out SAM installations and the main runway, and comparatively cheaper cruise missiles taking care of the rest.
PLAN frigates within the atoll, however, means that its defenses are not completely static.