There is so much wrong about this.
Do Filipinos always cost less, or are they so far below us they will never cost as much as us?
Genuis Code? So if I think it is crap I'm the one at fault huh? I might be, but since you have a tight budget I bet you always had a tight budget and could never afford a non-fili, err, I mean Genuis coder before.
Benifit to working on it? If I'm only making minor adjustments my only benefit will be the pay and you already said you can't really afford me.
CAPTCHA? We ain't got no CAPTCHA. We don't need no CAPTCHA. We don't need no stinking CAPTCHA!