Nothing really comes close to the Shangri La, but the Penisular, Marriot and Ascott follow a close 2nd between them. I absolutely love the service, ambience and rooms in that place.
But in all honesty, there are so many good hotels in Manila for a much lower price. We've actually stayed at the Hyatt Hotel and Casino several times and that was fabulous at a much much lower price. There is also the Manila Hotel, which I'd love to try just for the experience and history in it.
But the reality is, what do you want out of a hotel? Somewhere to sleep for a few nights whilst you explore, or a retreat to escape from the city?