Wenn V. Deramas, the director, announced that this is not totally a remake, although it's title was the same, the plot will be changed.
He also stated that the kid who found Kokey is named Bong and actually an orphan and not a son of a poor couple like in the movie. He also stated that Kokey can make reactions now like being sad, happy, surprised etc. and Kokey can also talk.
Plot taken from Wikipedia.