Your contract started the moment you signed it. Technically if you opt out at this moment then you would have to pay for the termination fee AND the price of the iphone even if you have not used the unit.
You had 7 days to return the unit and exchange it with another. After the lapse of that period, the usual 1 year warranty applies to parts and services whether you have used your phone or not.
You may want to try to pursuade Globe to waive the price of the unit out of goodwill but it is my honest opinion that they are not obligated to do so.
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This is what I suggest that you do while waiting for your replacement phone. Call the Hotline and ask them to temporarily suspend your service. I spoke to Wayne Madriaga (she refused to give her employee ID) of the Retention Team and she confirmed, they will waive the bill for a month (that's the most that they can offer).