Might be of interest to you: there is now hourly high-speed AVE train service between Madrid-Atocha and Málaga. The trip is just under 3 hours. If you could find better routing MNL-MAD then switch to the train, it might be less painful than the LHR-LGW transfer or the 8-hour LHR layover. Depending on the amt. of luggage you have, the transfer from Barajas to Atocha can be easily and cheaply made on Madrid's Metro.

Unfortunately this will likely point out the complete void in service between Asia and Spain so you will still be connecting again after HKG but at least you will have many more choices (FCO/FRA/CDG/AMS/HEL, etc.).

General question: Any guesses if/when JL/CX/IB will finally connect Spain to Asia??