I`m almost clueless to be honest, but I suppose we cannot discount the 24 Billion $$`s in OFW remittances the country receives each year.

Its not, as you say, "easy" to get credit here - and never has been - so that's not the answer!
I think it's more expensive here in the Province for many things compared to Manila including real estate.
People have been talking about a "property bubble" for years here.. Never happened!
In the last 30 years I have never seen the prices go down..Only up.
It may be a different situation in the future regarding Condos, but who can be sure?
The economy is growing here faster than just about every Western country in the world right now and I don't think it's in any mood for a bursting bubble.. They say the economy will boom for another 5 years at least.
It's a mystery to me, because the foreign investor laws are so rubbish!!
The 60/40 rule is the best example of that and don't forget..WE, as aliens, cannot own land.

Like you, I notice the big brand new cars here everyday..Most of them in the 1.6 million PHP range..
Most days I cannot get a parking bay in a very large parking lot because of them.
Second hand cars may be expensive but the good thing is that once you have one it will hold its value for years.
Not so in the UK.

Lots more work for college graduates these days.. I have 2 nephews that, like thousands and thousands of other graduates, work in the call center service industry.. Their pay is pretty good compared to many in the R.P.. 15/20k per month.. Hardware/software engineers up to 30k a month etc etc.. So I`m sure that these jobs have contributed greatly to the success of posh coffee shops like Starbucks and their ridiculous prices!

Like the OFWs I don't think we can underestimate the many (certainly not all) corrupt workers in the public sector that help themselves to peoples' taxes and of course the political classes that own many of those posh SUV`s and expensive condos you mentioned...Or business owners that help rake in all this cash that is being splashed around like confetti.

Sorry I cant answer your question fully because:
I`m still mystified too!: Cuckoo:

As the Yanks say.."It is what it is"!