I fly this route often in Business - and as there is no *A carrier, my regular carrier is PR.
I can usually get a PR Biz ticket for approximately US$350-450 R/T whereas on CX, the usual price is approximately US$600+.
The hard product on PR is definitely subpar if comparing to the New CX J Seat - however, PR has occassionally been using their new 77W on this route instead of the A330/340 - and the 77W has a decent hard product.
Service - Well its a 2 hour flight. I want a snack and I want to be left alone for the most part. Food on both carriers i would say is really the same.
The area where PR is a little better is the airport terminal experience in MNL - the CX Terminal is really the pits. Both CX and PR lounges in MNL are nothing to get too excited about.
Save the US$200+ for a nice meal in Manila!