Taxes are high but potential is great
Based on the world's capital cities with similar economic growth patterns, 25% is a safe bet for capital appreciation in Manila for the next few years.
I worked out that prices in Panama city have grown by 50%, since early 2006 putting capital apreciation at 25% per year for the past two years, in Cambodia, I know of multiple examples where people have bought and sold 6 months later for 12% more than they paid, and bought and sold in a year for 24% more than they paid. That again puts capital appteciation in Cambodia at 24-25% year on year. Manila is showing similar economic growth, and attracting similar new businesses and development as both those cities did at the start of their growth cycles.
Look at apartment prices in Bangkok, they are going for twice what they were four years ago. Based on those things, and indicators for Manila, if I bought now and sold in four years time I would be left with almost 100% profit even after paying taxes.
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