Four species of the demersal calanoid copepod genus Pseudodiaptomus were collected from Panay Island, Philippines in September 2003. They represented three species groups (sensu Walter 1986a): P. terazakii, a new species, and P. annandalei (Lobus group), P. bispinosus (Hyalinus group), and P. clevei (Nudus group). The female of the new species differs from its congeners in the possession of 3 pairs of anterolateral spines on the genital double-somite. The male is distinguished by the fifth leg right endopod, which is bifid at its apex, and the left non-bifid endopod. A key to the 14 pseudodiaptomid species known from the Philippines is provided herein. A review of the genus Schmackeria Poppe & Richard (1890) is presented, and all species attributed to this genus are merged into the genus Pseudodiaptomus. Because many new species of Pseudodiaptomus have been described recently, a revised key to the species-groups of Walter (1986a) is presented.