We stayed in a private room at a hostel named "Our Melting Pot". There were people of many nationalities when we were there. Located in Makati, it is actually near to the red light district of the city but we did not even have the time to go and see. We were more concerned of what to eat and to get to bed as early as possible.
There is another hostel just across the door but it is still under the same management and the kitchen/dining area was actually located at that hostel.
With a reasonable rate at a commercial area, this should be a good place to stay. I don't mind coming back here if I were to make a return trip to Manila.