I will say that the northern end of the Philippines is awesome with lots of beautiful resorts and beaches. Boracai is a well known beach area with many resorts and they are very reasonably priced.
Manila is generally a nightmare to deal with, either it is a weird utopian wet dream with huge malls, high rise condos, hotels, very rich Koreans/Chinese, etc. or it is a maze of tiny streets, shanty's and traffic. However, since you'll be riding in a bus, taxi, etc. You just have to sit back and let the chaos happen.
Either way, most everyone we met was incredibly nice and helpful and the younger people spoke fairly decent English. There is a lot of great historical areas in and around Manila, especially if you're into WWII or Spanish Colonial history. A day trip in Manila will allow you to see most of the sites.
Of course the former US military base in Subic Bay (Freeport Zone) is very nice with a great beach, duty free shops and lots of trees and jungle to hike around in. Wife and I stayed at a resort with an attached Aquarium (Camayan Resort) and swam with dolphins, quite an amazing experience and very reasonable price wise.
The Philippines is a great place to travel out of to other areas of Asia due to the relatively inexpensive airfare
The southern end of the Philippines, near Mindanao is not to be traveled lightly, between the corruption, the islamic revolutionary's and the flooding/weather related issues, etc. I'd avoid it. Maybe the Government will finally give the people of Mindanao what they've wanted since before colonization, but I doubt it.
Here's an interesting travel documentary:
http://www.youtube.com/watch?v=H1WJQptugzo