MTV Philippines will close because Francis Lumen, the president of AYC decided not to renew the license for MTV Philippines.
There were also some posts saying that instead of funding for MTV Philippines, they will support TV5 instead which they plan to be the next big thing on TV.
The closure is in effect nationwide and regardless of pay-tv company.
Source: http://anima9.wordpress.com/2010/02/15/goodbye-mtv-philippines-welcome-back-mtv-asia/