Paalam settled for the silver medal in the men’s 55-kilogram division after getting clipped by Rui Yamaguchi of host Japan.
Yamaguchi was the lone Japanese puncher to have reached the gold medal bout.
India took first place with a haul of 3-0–3 (gold-silver-bronze) while Uzbekistan racked up a tally of 2-1-4 for second place and Kazakhstan logged 2-0-2 for third spot in the leaderboard.
China grabbed fourth with a collection of 1-3-2 and Chinese-Taipei placed fifth with a 1-1-0 count.
Japan ended up sixth (1-0-3) and Thailand seventh (1-0-0) while South Korea (0-2-0) came in eighth.
Jordan, North Korea and Vietnam (0-1-1) shared ninth to 11th places.
Tajikistan followed the Philippines at 13th place with two bronze medals while occupying 14th to 16th with a bronze each are Iran, Mongolia and Kyrgyzstan.
The Association of Boxing Alliances in the Philippines fielded six fighters, three each from the men and women sides.
Failing to advance were Paalam’s fellow Tokyo Olympics silver medalist Nesthy Petecio and Paris Olympics bronze medal winner Aira Villegas.