As one would expect from a megapolis of 13 million people, there is no limit to the range of accommodation you'll find in Manila. The five-star hotels are truly sumptuous. There's a decent rivalry between them and you can often bag a 'promo' rate (ie discount) well below those published, especially on weekends.
There are some wonderful historic hotels around Rizal Park.
Malate, Ermita & Paco
Like a smaller version of Bangkok's Khao San Rd, Malate's Adriatico St is Manila's traditional stamping ground for backpackers. However, there's also some classy higher-end and midrange accommodation around too.
Makati's hip Poblacion area has emerged as Manila's flashpacker district, with more than a dozen hostels and 'poshtel's and myriad trendy bars and restaurants. The Central Business District around the Ayala Center is five-star territory, and you'll find a few decent midrangers there too.
The Fort (BGC)
Hotels are very slowly starting to spring up in the BGC development, which is still very much in its infancy.
The most attractive area by far is the T Morato area.