You asked

What exactly does fostering a child entail?

Fostering, unlike adoption, is where a family (or a state run residential care unit) take a child into their home without becoming their legal guardians and parents. Foster care can either be long or short term, and it gives children who cannot live with their own families a stable home environment.

Some of the reasons children go into foster care include illness, bereavement, where a court has ruled it in their best interests, or where the family unit has broken down. In many instances, the foster family are relatives of the child.

It takes a special kind of person to be able to provide a foster child who may have come from an unhappy home, the care and nurturing they require to grow into well rounded, developed and happy children and adults, but it can be a very rewarding task.
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More questions

International adoption is growing in popularity - however, not all countries comply with UK adoption laws.
The Philippines is not a country specified on the UK adoption designated list. British citizens adopting in the Philippines need to apply for an adoption order in a UK court if they return to the UK in order for that adoption to be recognised in the UK. 
Some couples are not ready to give up trying to have a natural birth child and will want to continue IVF treatment during the adoption process.
While the criteria for fostering are not as strenuous as those for adoption, there are still certain requirements you need to fulfil in order to be considered.
Foster care provides for the temporary or permanent care of children who for one reason or another, cannot live with their own family.
Adoption is a major decision, and one that no one should take lightly, or try to force anyone into.
It’s impossible to say which is better – domestic or international adoption or fostering a child. Which is better for you depends on your unique situation.
Whether you are attempting to adopt a child who is related to you, or your step child, or a child who is orphaned or abandoned, there is a very specific legal procedure that has to be followed.