"This war has put our families in grave danger," said Connie Bragas-Regalado, chairwoman of United Filipinos in Hong Kong, and some 50 other activists.
"It has made the escalation of human rights violations a certainty," she said.
President Arroyo "unashamedly welcomes" the United States-led "borderless war of aggression," Bragas-Regalado said.
The protesters left after handing petitions to consulate officials calling on Mrs. Arroyo to step down.
Their action came after Mrs. Arroyo last week welcomed the move of the US and the Dutch governments to put the squeeze on the financial support of the Communist Party of the Philippines.
"Gloria (Macapagal Arroyo) is using the communist bogey to promote her pro-US position. It is meant to justify her war-mongering, fascist nature and her aversion to peace," Bragas-Regalado said.
The US action on communist assets follows a six-month mission by 1,000 US troops in the southern Philippines to train and advise local troops fighting the Abu Sayyaf, a Muslim kidnap group.