I assume that the cost may be different in the Philippines, but my watchmaker generally charges about $150 to service a watch like this, assuming that no repairs or parts are needed. However, minor repairs are often necessary, so it could easily cost $200-$250. It is not wise to run a watch that hasn't been serviced for a long time. It would be similar to running a car or motorcycle that has not had the oil or fluids changed for many years. Since the lubrication has degraded and the movement has grit and dirt inside, you would be risking wear and damage to the moving parts.
Thanks a lot, Dan! I'll take that into consideration before getting the watch, or any other watch for that matter haha