The increasing dependency among Filipino college students on artificial intelligence (AI) poses concerns about the potential decline of fundamental academic competencies. This study examines the extent of AI dependency and its perceived effects on students' critical thinking, writing skills, learning independence, research skills, and academic engagement. Using a cross-sectional research design, data was collected from 651 students enrolled in higher education institutions (HEIs) in Pampanga, Philippines accredited by the Commission on Higher Education. The survey data was analyzed using Latent Class Analysis (LCA) to identify AI dependency patterns. Findings indicated that students show moderate to high AI dependency, specifically in research and writing tasks. LCA identified four distinct profiles: highly engaged independent learners, selective AI users, moderate AI users, and AI-dependent learners. Notably, AI-dependent learners demonstrated the weakest academic competencies, with significant dependency on AI-generated outputs. The study highlights the need to foster educational policies that integrate AI literacy while preserving essential academic skills. HEIs must also balance technological advancements with curriculum adaptations to promote critical thinking and ethical use of AI. Future research may explore the longitudinal impacts and intervention strategies to mitigate academic skill erosion caused by AI dependency.