One such place is The World of Butterflies... aka Butterfly Sanctuary. I believe it only contains some 20 different species of butterflies. But the place can be used for parties (children's) or wedding receptions, especially the garden area which is covered and can easily accommodate 200+ guests. Their indoor venue can only accommodate 60 pax but it's air-conditioned.
Entrance for non-Marikina residents visiting the place is P30, I believe (P20 for residents).
The rates are pretty affordable too.
It is located in the same area as Pan de Amerikana.