I spent two weeks at a hostel/apartment-hotel in Makati City called Makati Apartelle.
It was quite a comfortable stay, as the rooms were fully furnished with aircon, cable tv, ref, phone, a living room area, coffee-maker, dining set, hot shower/toilet, a security vault, free wifi and daily room cleaning for under US$20 a day.
I'm planning to return December '09 to stay a full month with my girlfriend to get married.
The place was clean and secure, the staff friendly and accommodating.
This is their website www.makatiapartelle.com