There are some notable differences - the INC gets involved in politics and members donate blood, for example.
But the similarities are much more numerous.
In some cases (explusion for marrying outside the faith) they are more extreme (but not by much) than the Witnesses. But again, the similarities are striking.
Manalo's personal history also seems to closely parallel CT Russell's - disillusion with mainstrem religion, influence of the SDA, writing and distributing literature, for example. They can also claim persecution and opposition (a card which they no doubt play to affirm their 'blessing' by God).
Parallel Evolution indeed.