As far as I know, acquiring the TV rights for a tv show like "X Factor", "American Idol" etc. always comes in a package deals. Just like when ABC 5 acquired the tv rights for "American Idol", the network also produced the local version which is "Philippine Idol", and same with GMA 7 which produced "Pinoy Idol".
Are we expecting to see a Philippine adaptation of "X Factor" in the Kapamilya Network? That is most likely to happened because ABS-CBN was able to purchase the tv rights for the hit talent search which is produced by Simon Cowell which will also be a judge/mentor for the show.
GMA 7 attempted to acquire "X Factor" but it failed because Simon Cowell, the producer of the show has some standard requirements for producing an adaptation of the show, the Kapuso Network could not meet those requirements so instead, they created their own reality talent search which is "Protégé". That's for those who are familiar with the competition format of "X Factor", you will notice that the format of "Protégé" is similar to that of "X Factor". I don't know if GMA 7 intended that because they were so frustrated to produce local version of "X Factor".
On the other hand, the Kapamilya Network was able to aqcuire "X Factor", so that means the Network was able to pass the requirements of the perfectionist Simon Cowell. And if ever there will be a Philippine adaptation of "X Factor", I'll be watching out.