This is a male of Carpenter's Flasher Wrasse, male, 8.5cm, from the Philippines.
It ranges the Philippines, northern Indonesia, Palau, southern Japan (the Izu Islands to Okinwa region), Papua New Guinea to the Solomon Islands. It is replaced in the Indian Ocean by P. mccoskeri.
It is greatly similar to P. mccoskeri from the Indian Ocean, but P. carpenteri has two to four filaments on dorsal fin (single in mccoskeri). Also P. carpenteri possesses some blackish area on caudal and dorsal fins.
When it folds all fins it cannot be distinct from P. mccoskeri, as seen in such the photo.