Venezuela has no strategic importance, Philippines does. They can give the Chinese direct access to the Pacific Ocean, they don't have that right now.
The US has lost the first island chain to the Chinese.
https://en.wikipedia.org/wiki/First_island_chain
No clue what the US did to let this happen, but losing Philippines is a very big blow. Whatever idiot move Obama did, he needs to fix it before he leaves or Trump's gonna make it worse.
This is why I pointed long ago why India is working alone with some ASEAN countries like Vietnam to counter the Chinese, and not blindly trusting American strategy which was always doomed to fail. At least now, India can work to help fill the void the US is leaving by working towards some sort of partnership with the Philippines.
You lose an inch to the Chinese, they will take a mile.