The Philippines is known for its ecological diversity due to its climatic condition and geographical location. However, despite having a wide range of organisms, the macrofungal species in the country remain poorly documented. Recent mycological research in the tropics states that more species have yet to be discovered in the Philippines. Despite this, a mycological study still focuses on the ethnomycological survey and species listing. In this study, a survey of publications in macrofungi from 1906 to the present revealed that the Philippines have currently 376 validated species names of macrofungi classified under 66 families and 130 genera. Macrofungal species reported in the country belong to class Ascomycota and Basidiomycota with high species diversity under family Agaricaceae, Lycoperdaceae, Marasmiaceae, and Polyporaceae. Most studies were published internationally and were concentrated in Luzon Island, Philippines. Looking into these, we suggest a biodiversity analysis of macrofungi in other regions of the country. A shift into applying molecular systematics and biotechnology would further develop Philippine macrofungal research, given that the historical trend has focused on morphological identification and classification. We hope that this paper will be a call to further fill the gaps in what is known about the macrofungi in the Philippines, given the country’s potential for further discoveries.