In my limited opinion both are great, edge for Thailand.
Thailand - very tourist friendly, food is fantastic, greater variety beer bars, blowjob bars, small massage establishments, huge fish bowl massage parlors, street walkers, great sightseeing, many other things to do. English is limited outside major cities and sometimes within, Thai script is unreadable for me.
Philippines - English spoken and able to read Tagalog alphabet, bland food. Angeles City - tons of girls, tons of bars, slightly cheaper, very compact area, every girl has a sad story. Lots of fun to be had.
Never mongered in Manila, city was dirty, P Burgos st has many bars, MNL airport was no fun.
Good reading,
http://www.philippines-addicts.com/
http://www.bangkok-addicts.com/
http://www.pattaya-addicts.com/