The qualitative action research was conducted to attempt to improve the delivery of the course Principles of Teaching 2. The researcher intended to develop the students ability to reflect on their performance in micro-teaching and assess their strengths and weaknesses as would be teachers. The study also aimed to enable students to be sensible to peers' criticisms as a way to perform better. The study utilized 41 Bachelor of Secondary Education students major in English taking up the course Principles of teaching 2 in the first semester of the school year 2011-2012 in the College of Education at West Visayas State University, Iloilo, Philippines. The analysis of the data in the form of reflections collected from the respondents through their narratives was corroborated by one-on-one interviews and personal observations of the researcher. Five (5) themes or patterns emerged in the student's reflections on self-assessment in micro-teaching: 1. A way to learn about and reflect on one's strengths and weaknesses; 2. An opportunity to practice honesty; 3. A challenge for honest assessment; 4. A tool to improve teaching skills; 5. A means to change for better. Six (6) themes or pattern were ascertained on their reflections on peer assessment: 1. Pers acted as mirrors; an instrument for reflection; 2. Peer Assessment is a great help for improving teaching skills; 3. It is a way to adopt or develop effective teaching styles; 4. Positive assessment boosts self-confidence; 5. A way to determine strengths and weaknesses; and 6. A reliable basis for self-evaluation. The affirmation of the students on the use of self and peer assessment in micro-teaching proves that such strategy is beneficial in sharpening the students' potentials as future teachers and thus, could be adopted as a way to improve the delivery of the course Principles of Teaching 2.