The cost of living in Manila makes the city one of the cheaper major cities of the world to live in for expatriates. In fact, most international cost of living surveys rank Manila in the middle of the pack globally and much lower than other major Asian cities such as Hong Kong, Singapore and Tokyo. However, the cost of living in Manila for expatriates can vary considerably depending upon lifestyle choices and individual preferences. Hence and as someone who lived in Manila for 5 ½ years and who was able to live comfortably on several hundred US dollars per month, here is my take on the cost of living in Manila:

• Housing.

By far the biggest cost for expatriates, the cost of housing in Manila can vary considerably. A good rule of thumb for Manila housing costs is to assume that you will need to pay at least $300 to $400 a month to rent a studio or one bedroom in a newer building in a secure location such as a major business district. On the other hand, a fully furnished three bedroom apartment with maids' quarters in a luxury condominium may cost as much as several thousand dollars a month.
Likewise, a house in a gated subdivision in (for example) Cavite, a suburb to the south of Manila, may rent for as little as $150 a month. On the other hand, a house in Forbes Park or Dasmarinas Village, the most expensive neighborhoods in Manila, may rent for as much as several thousand dollars a month - if you can find one to rent at all.
In my case, I rented a fully furnished studio apartment with a swimming pool on the building's roof in the heart of the Makati CBD for Php17,600 a month or roughly $400 at current exchange rates (Php$43 to $1). On top of that, I paid for electricity (several hundred pesos a month) - which was minimal as I never used the air-conditioning in order to avoid a California sized electric bill as the cost of electricity in the Philippines is the highest in Asia after Japan. In addition, my water bill amounted to roughly Php50 ($1+) a month, wireless SmartBro Internet for Php1,000 ($23) per month and a yearly cable bill of roughly Php7,600 ($175) or so.

• Food and Entertainment.

The cost of meals and entertainment can also vary considerably in Manila. For example: The cost of a Starbucks coffee may range from Php100 to Php150 ($2 to $3.5) while a meal at a nice restaurant in the upscale Greenbelt Mall may cost several hundred pesos or significantly more if wine and drinks are also ordered. In my case, I would typically spend a few hundred pesos a day at the most eating decent meals in mall or office building food courts.
On the other hand, Manila has a well-earned reputation for being one of the cheapest places in Asia for entertainment and nightlife. For example and during my time in Manila, a beer at Embassy, considered to be the most exclusive club in town, would only cost around Php130 ($3) while the cover charge (when there were cover charges) might only be Php600 ($14) and would include at least one or two drink stubs.

• Foreign Exchange Rate Considerations.

A final important cost of living consideration for foreigners living in Manila would be foreign exchange rate fluctuations. During the 5 ½ years that I lived in Manila, the peso fluctuated from as much as Php56 to $1 down to below Php40 to $1 while lately it has been hovering at the Php43 to $1 level. As you can imagine, such huge currency swings can hit foreign employees whose pay is fixed in dollars or retirees living in Manila on fixed incomes particularly hard and will need to be anticipated.
Hopefully, I have given you a fairly good idea of what it would cost to live in Manila as an expatriate. However and for further reading or for more detailed information about the cost of living in Manila, check out some books on the Amazon's Shop of Blog Of Asia.

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