My BIL has tipped us that commercial real estate is booming in Pampanga. He works for their late uncle's (now cousin's) company, First Worldwide, which basically maintains golf courses (so yeah, they had Fontana and Mimosa as clients).
Korean-owned companies have been investing a lot in Pampanga. Even call centers are sprouting like crazy over there. Villages and townhouses are also selling like hotcakes. Add to this the opening of the third major highway going to Baguio expected to be operational by 2009, and you really have a bustling economy separate from Manila.
So if you have some money you can use to invest, look to Pampanga for possibilities. I imagine properties there appreciating much in the next five years just from all the foreign investments.