That area is too settled by those powers. But, the base that the Philipines provide might prove an exelent location for adventures in Vietnam and South ChinaOr perhaps Spain are too embroiled in their old colonial empire and should instead create a new one? Let it be to extend their influence to Morrocco to counter French influence or even look to what is OTL Malaysia and Indonesia - risking pissing off the British and the Dutch.
In game terms, does the US maintain cores on the CSA?
Naturally I'm not suggesting an aggressive war, but if USA covet its old cores back, and knowing Vicky 2 the US will likely do a France and declare war every fifth year, it would be a prime oppurtunity to either make Cali and Nevada-Utah nations of their own or return them to a Royalist Mexico.
I like so much as SUA and CSA were under influence of Britain and Spain, one of best alternative history moments for me. Viva la Hispania!