If you can get a "Mabuhay Classic" business class fare for $338, just fly on PR. (Try PhilippinesAirlines.com first if you can't find it on an OTA.) I faced a similar (first world ) dilemma 2 years ago flying inbound to HKG, with MNL as my final destination. I chose PR and her service was just fine for a 2 hour flight. I can't provide any comments on PR's HKG lounge, as I didn't use it.

However, if you can only find a ticket that PR quoted you, then just go with CX, for the sake of trying out the lounge AND arriving into MNL earlier.