Stated on gov.ph website is Proclamation no. 60.
DECLARING TUESDAY, NOVEMBER 16, 2010 AS A NATIONAL HOLIDAY IN CELEBRATION OF EID’L-ADHA (FEAST OF SACRIFICE)
Check more info here.
Why do we have this Feast of Sacrifice? On my consolidated readings, it was the time when Abraham sacrifice his son Isaacl. According to the bible, God asked Abraham to offer the Isaac. During that time Abraham was old and not able to produce another son. It was a hard sacrifice knowing that the sacrifice that you are going to offer is the only son that you waited for too long. Abraham offered Isaac, Through faith he obeyed God.
On November 16,2010 the malacanan palace declared the National Holiday for the celebration of EID’L-Adha ( Feast of Sacrifice). It was for our Muslim brothers and also for the Christians to remember and follow what Abraham does.
Here are also some excerpts from wikipedia;
According to Muslims, approximately four thousand years ago, the valley of Mecca (in what is now Saudi Arabia) was a dry, rocky and uninhabited place. According to Islam, the Prophet Abraham ('Ibraheem in Arabic) was instructed to bring his wife Sarah, handmaiden/wife Hagar (Hāǧar) and Ishmael, his only child at the time (Ismā'īl), to Arabia from the land of Canaan (in Palestine) by God's command.
As Abraham was ready to return to Canaan, Hagar asked him, "Did "Allah" (God) order you to leave us here"? When Abraham replied: "Yes, I was directed by Allah" (God), Hagar said, "then Allah will not forget us; you can go". Although Abraham had left a large quantity of food and water with Hagar and Ishmael, the supplies quickly ran out, and within a few days the two began to feel the pangs of hunger and dehydration.
According to Islamic tradition, Hagar ran up and down between two hills called Al-Safa and Al-Marwah seven times, in her desperate quest for water. Finally, she collapsed beside her baby Ishmael and prayed to God for deliverance. Miraculously, a spring of water gushed forth from the earth at the feet of baby Ishmael. Other accounts have the angel Gabriel (Jibril) striking the earth and causing the spring to flow in abundance. With this secure water supply, known as the Zamzam Well, they were not only able to provide for their own needs, but were also able to trade water with passing nomads for food and supplies. Years later, Abraham was instructed by God to return from Palestine to check on his family; when he arrived, he was amazed to see them doing well running a profitable trade.