You have a number of issues to consider:
1. Are you currently admissible to Hong Kong? If not you will likely be denied boarding in Toronto.
2. Are you currently admissible to the Philippines? If not you will likely be denied boarding in Hong Kong, if you make it that far.
3. If your return flight to HKG is significantly delayed and you miss the separate flight to YYZ, you’ll be buying another trip home. Expensive. Remember that you will have to allow time to enter Hong Kong, retrieve your luggage, and check in again.
4. I suspect you’ll find that a one way flight from HKG to YYZ is quite expensive.