Just to update. This promo is still active. On checking in at LAX I've been requesting the "Travel Light Promo" and have been consistently issued paper vouchers. I've been choosing the 7,500 mile option since to me the miles are worth more than $100 airfare.
Only caveat? I haven't actually tried to redeem any of the paper vouchers yet. In typical PR style the instructions say the paper vouchers must be redeemed in person at a PR ticket office or Mabuhay Miles Service Center within one year of their issuance. They have similar in person/ticket office paperwork requirements for redeeming award tickets but in that case make the exception of allowing US based passengers fax their redemption forms and paperwork to the LAX ticket office and handle it over the phone. So I am 'guessing' they might allow the same for these vouchers??? But I am accumulating a stack of them to redeem en mass so if I do have to jump through any hoops or stand in line at a PR ticket office in Manila or something, I can handle it all at once and make it worth my trouble.
In any case. IF (and that's a big IF) your travel pattern has you flying allot from the US to MNL. PR's FF Program is actually quite generous if you can deal with it's somewhat archaic nuances. And if you are flying to MNL allot, dealing with misc archaic nuances in general should already be included in your repertoire.