According to Wikipedia, Mr. Assimo: The Movie will also be directed by Michael V. The movie's scheduled to be released sometime in 2013. It's still unknown if production of the film has started.
Michael V, the star of the upcoming film is among the Philippines' most well-known comedians. He regularly appears in several GMA programs including Eat Bulaga, Pepito Manaloto and Bubble Gang among others.
Michael V's most recent film appearances are on the films Boy Pick Up The Movie, Urduja, Fantastic Man, Lastikman, Sinaktan Mo ang Puso Ko, Ano Ba Yan, and Enteng Kabisote.