Nothing MacArthur or anyone else could have done would have saved the Philippines. Given the realities of of pre-WWII military budgets and resources, there was no way to put adequate troops, naval and air forces, and fortifications in place, or to have trained and equipped the Philippine army, to hold against any Japanese attack determined to take the islands.
Maximum authorized strength for the US Army for most of the 1930s was in the range of 140,000, with actual troops strength usually around 125,000, give or take. Nowhere near enough to put an adequate force in the Philippines to actually defend them. There was also the not insignificant problem of all those Japanese controlled islands in the Central Pacific sitting astride the supply routes from the US to the PI.
War Plan Orange reflected those realities, when it gave the forces in the Philippines the simple task of denying the enemy the use of Manila Bay as long as possible. Holding out until a relief force arrived was not part of that plan, because the planners knew it wasn't going to happen.
That said, MacArthur could have done a better job. He overestimated the capabilities of the Philippine troops, and he should have started moving supplies and preparing defensive positions on Bataan as soon as it was known the Japanese were coming. Not to say he should have immediately moved all his troops there - but any forward defense should have been in the form of delaying actions, not trying to actually stop the IJA cold.
For probably the best discussion I've found on the loss of the B-17s on Dec 8, 1941, see
this piece by Trent Telenko.