I was there last week (Saturday night to Tuesday night). It’s best described as ‘mixed’, but I wouldn’t leave the airport to go for an explore at 3am.
I was staying in Makati, which is the business district and feels reasonably safe. There’s some surprisingly ok malls that feel like walking in to Westfields, and decent restaurants in the area (Blackbird was great).
However, central Manila – even in daytime on a Sunday – was pretty depressing and a very uncomfortable experience. I decided to try walking around for 3-4 hours on Sunday afternoon and felt about 6 feet from being mugged for most of that time. Lots of stray dogs, loads of people sleeping on the side of the road, hawkers everywhere. I eventually managed to find a taxi who told me it wasn’t wise to be walking around on my own, and I was glad to leave.
Oh, and yes, the traffic is awful – 90 minutes to travel a mile or two near the airport.
Best to get a good book and stay at the airport!
Nick