Because it has been established that there is a local variety of English that has blossomed in the Philippines, there are crucial debates specifically on what pedagogical standard must be used in teaching English in Philippine schools. In spite of the growing number of researches on Philippine English (PE) and the publication of its own dictionary, it appears that a considerable number of educators, language learners, non-educators, and professionals still deem that the so-called "Standard English" variety which also goes by the names of "ENL" (English as a Native Language) (Kirkpatrick, 2007), and "inner circle" variety (Erling, 2005) is "innately superior to ESL and EFL varieties and that it therefore represents a good model for English for people in ESL and EFL contexts to follow" (Kirkpatrick, 2007, p. 28). This study therefore explores the prevailing perceptions of college students and language instructors in the oldest university in the Philippines and in Asia toward the two main varieties of English that thrive in the country--American English (AE) and Philippine English (PE) as well as their motives for learning and teaching the English language. This study shows that a majority of the student and teacher respondents have similar reasons why English is taught and studied in the Philippines and that between AE and PE, AE remains as "the" privileged English variety. This paper also examines more specific contentious issues on (1) the language learners' motives for learning English, (2) the luring reasons for Filipino language teachers and learners for privileging AE, and (3) the Filipino learners and teachers' prevailing unreceptive attitudes towards PE. This paper then explicates some of the contributing factors that influence the respondents' choice of variety and proposes "de-hegemonizing" agents that may result not only in the popularization of Philippine English but also in the gradual liberation of the Filipino language teachers and learners from the shackles of the colonizing power of AE.