Alcatel OT-997 sports almost the same features with OT-995, including the 4.3" 16M colors display with 480 x 800 pixel resolution, G-Sensor, Bluetooth, GPS, WiFi etc.
What's new with this smartphone is that it has a higher 8MP autofocus camera with flash, a powerful dual core 1GHz processor, surround sound experience with SRS feature, Ice Cream Sandwich out of the box, and of course P2i water resistant coating.
Here's the video from Alcatel One Touch's Youtube page:
I'm not sure whether it will be launched here in the Philippines. For the price, I'm sure it will cost more that OT-995 Ultra.
PRICE: PHP 11,990
IMAGE SOURCE: http://www.alcatelonetouch.com/global-en/products/smartphones/one_touch_997.html
UPDATE: Alcatel Mobile Philippines will soon launch this phone here. Check this article.