I watched this video from Google Webmaster Help channel in Youtube where Matt Cutts answered a question regarding the results in Google.co.uk where non-.co.uk sites are currently ranking well on the SERPs (search engine result pages). Right before the changes on the algorithm of Google, website that utilizes ccTLD (country code top-level domains) on their website are more visible on a specific country. Now, its different. Google look more on the relevance of the content to the country. It doesn’t immediately make any geo specific sites to rank higher than generic TLDs (.com, .org or .net). It means that, if you’re targeting topics to rank well on a specific country, make sure that the contents and backlinks are related to your target. If you want to rank in the Google Philippines data center, your content (even your title doesn’t contain the name of the country) should be very relevant to the said geo-location.
Here’s the video that I am talking about featuring Matt Cutts of Google: