I've just managed to book a flight with Saudi from LHR - MNL for the end of Dec/start of Jan 2012 for a bargain price of £396, direct with Saudi Airlines. Flight times and transit waits are pretty good too. Outbound is around 18 hours and inbound around 20 hours.
Saudi may not be the best airline, but they do give 34 inches of leg room in economy and a baggage allowance of 30kgs.
I don't think these prices will be around for long