I have done about 300 nights in Manila in the last five years. The first couple hundred were at the CP, the next 100 or so at the IC, and now I moved to HI Makati.
I will continue to stay at the HI Makati based 100% on location. CP is nice but there isn't a lot around other than the mall and Metro Walk. I work overnight, so I like having various options that are all nearby in Makati. I can grab something to eat or do some shopping if needed when everything opens before heading to bed. The distance to the airport also takes the guessing game out of when to leave. I leave at 7:30am to catch the 9:45am flight to Tokyo on ANA. When I stayed at CP, I have missed my flight leaving over three hours early.
With that said, there are no upgrades, no lounge access, and the staff is not great. Not rude, just not on top of it. When the new Hyatt in BGC opens, I am hoping to make the switch if the price is right and they are willing to arrange a rate for the several thousand nights a year we will give them.