Borrow fiat, buy BTC? (with 3rd world weak currency)

Say I can borrow PhP 1,700,000 which is 1 BTC. Then I buy 1 BTC now.

Bank Offer: I have to pay a monthly amortization of PhP70,833 over 36 months. That's almost 2.38% per month annualized interest.

Question: Is that a good idea? Our currency, Philippine Pesos is pretty shit.

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The margin of error is too wide not to do this trade ya?

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Edit: I forgot to say that I earn in USD. So there's neat currency arbitrage. USD-BTC, PHP-BTC