As with everything, depends on your tastes! If you eat room service or the hotel buffet in the shangri la, the NO, that is not sufficient. If you go out of the hotel and eat in the numerous fast food restuarants around (Manila seems to be like the USA in this regard IMHO!) then you'll be swimming in cash. There are also some (harder to find!) nice restaurants that are not "hotel" and not "fast food" that are priced close to HK prices.
Taxis are dirt cheap - airport to Makati is around 220pesos (circa50hkd) and back often half this; hotel cars will cost 3x this price. Makati is close to the airport - further out this will be more.
Hotels are variable - I stayed in the Holiday Inn at approx 5500php per night plus taxes and Intercontinential varies 6000 - 10000 php per night plus taxes. Shangri La more like 14000 per night. I have heard the smaller nonbrand name hotels are a fraction of this.
Hope this helps.