Yes. I lived there a year in my late 30's and would do it to my elders (I am not Filipino). I don't know of any hard rule, but I wouldn't do it unless they were a generation or more older (so I wouldn't do it to say a 40 year old).
Actually, in the Philippines, you show respect to your elders by taking their hand and placing the top of the hand to your forehead. It should be a very quick and smooth gesture. This is what Larry was trying to do. Children are taught this at a very young age. Filipinos don't typically bow to each other, I think that is just Larry being nervous.