Translation follows

mahal kong tequila,
iniibig kita.
ako'y pinakamaligaya
kapag kasama ka.

at sa 'yong piling
ako'y nahuhumaling
walang ibang hinihiling,
wala ring nagsisinungaling.

mahal kong tequila,
mahal ka ngang talaga.
kung ika'y naging mura,
pagkain ka ng masa.

dahil sa 'yong piling
wala nang problema
calamansi at asin
ang tanging kasama.

masarap pa siguro
kung boyfriend kita.
aba, Jose Cuervo..
ang ganda pa sa mata!

Rough translation:

My beloved tequila
I love you.
I am happiest
In your company.

In your embrace
I find extreme closeness appealing
No more requests,
No one lies.

My beloved tequila
I've paid for so dear.
If you'd have been cheaper,
The masses would cheer.

Because in your embrace
Problems are no more
Lime and salt
Are our only companions.

It would be a treat
If you'd be my boyfriend.
Hmm, Jose Cuervo..
The name fits!