The other day, I visited my son's former school and I felt ecstatic that the school's board (of directors) is open to the idea of extending their curricular offerings. For roughly Php 2,000 a month my son can continue to have the same brand of Montessori education. Moreover, if many freelance contractors will support the move to decongest public schools, alleviate heavy traffic problems (as we will go to school only for exams) and reduce "baon" costs, the school might approve this motion. The curriculum is in the process of getting approval but the school has already been in existence for more than 30 years and it is DepEd-accredited.
I had the chance to virtually meet the founder of another thriving home school community at the central part of Luzon. The most attractive pedagogical feature that the school has is its rich natural laboratory. Motor and social skills are developed via gatherings that focus on the concept of "play". The school's environment is perfect for field trips and for the record, it takes two days to reach their place because of the heavy traffic at the main roads in Metro Manila. The fee is relatively affordable. One whole year for Grade 2, for instance, costs Php 15,000 excluding books and payments allocated for school gatherings/events.
There is another Catholic home school community which highlights their expertise in preparing children for their First Holy Communion. None-home schoolers can join the group every November but parents have to make sure that their children attend all Saturday catechetical classes and participate in practices held inside the church premises. The First Holy Communion is held in one of the parishes at the Green Meadows (Quezon City) via the Ortigas route.
The common trend that I can deduce from home school practices is that at some point in the home schooler's life there will be a need to go back to "the mainstream life" and become a regular student just like everyone else. Gone were the days when only the actors/actresses or politicians get to be home schooled. Home schooling is quite preferable nowadays for the purpose of practicality as it reduces costs that can be allocated to much more pressing needs like food, clothing and shelter.
As for caveats, I think there will be many. Every method has its own advantages as well as disadvantages. It used to be the tag line of one of my professors in the past.