In a speech before the Malolos Congress, Gen Emilio Aguinaldo added the following nationalistic interpretation of the meaning of the three colors of the flag:
Behold this banner with three colors, three stars and a sun, all of which have the following meaning: the red signifies the bravery of the Filipinos which is second to none, a color that was first used by the revolutionists of the province of Cavite on the 31st of August 1896, until peace reigned with the truce of Biak-na-Bato. The blue signifies that whatever will attempt to enslave the Filipinos will have to eradicate them first before they give way. The white signifies that the Filipinos are capable of self-government like other nations. The three stars with five points signify the islands of Luzon, the Visayas and Mindanao. And lastly, the eight rays of the rising sun signify the eight provinces of Manila, Bulacan, Pampanga, Nueva Ecija, Morong, Laguna, Batangas and Cavite where martial law was declared. These are the provinces which gave light to the archipelago and dissipated the shadows that trapped her. By the light of the sun, the Aetas, the Igorots, the Mangyans, and the Moslems are now descending from the mountains, and all of them I recognize as my brothers.
(from - http://pinoyspace.com/forums/about306-0-asc-45.html)