Yes, it will enable the Filipino spouse to remarry.
"Art. 26, (par. 2) of the Family Code provides:According to the case of Llorente vs. CA (G.R. No. 124371. November 23, 2000), the divorce obtained by US citizen who was formerly a Filipino when he married his Filipina wife, is "valid and recognized in this jurisdiction as a matter of comity."
Where a marriage between a Filipino citizen and a foreigner is validly celebrated and a divorce is thereafter validly obtained abroad by the alien spouse capacitating him or her to remarry, the Filipino spouse shall likewise have capacity to remarry under Philippine law."
Also, as explained by the Department of Justice (DOJ) Opinion No. 134, Series of 1993,
"Article 26 merely states "alien spouse" without taking into consideration of his nationality at the time of marriage. Therefore, the fact that the spouse who obtaine dthe foreign divorce was a former Filipino citizen is not contorlling. What is important is that the divorce was obtained by the spouse who is not a citizen of the Philippines, in order that the second paragraph of Article 26 of the Family Code can apply."Since, the former Filipino is already a citizen of another country, he is no longer governed by Philippine laws with regards to his civil status or marital relations but by the law of his new country.
What is required for the Filipino spouse divorced by his or her alien spouse in order to remarry is to submit the divorce decree before the National Statistics Office so that it will be recorded in their marriage certificate.