My first year of trips back and forth to the Phils to be with my [then] girlfriend I always stayed at Mango's Resort in Subic Bay. I did this for two reasons: 1) my friend Tom is the owner and I always get a discount on my room; and 2) my ex is the boss of the morn/early afternoon shift.
For you however, I would recommend (depending on the length of your stay) either a hostel or a furnished apartment. A hostel will run you less than $10/night but an apartment will only set you back $200-$250 a month, tops. But because of what I mentioned before, I am afraid I am not able to give my usual nice listing with pics/reviews. Except for Mango's, of course.
Mango's Resort at Subic Bay
Mango's is a small establishment with only three guest rooms which are located directly over the restaurant/bar portion of the resort. The lower floor is popular with the locals (both native and ex-military) and they hold pool tournaments twice a week. But the best part is the food is fantastic and the drinks are cheap!
There is also an attached disco at the front of the resort, Rock Lobster. At eleven/midnight when the kitchen and bar closes, you are forced to get your drinks from the disco if you want to keep the night going. It's not a bad little disco, but it is small. There are several better ones within just a couple blocks.
The rooms themselves are very well done. They come with a kitchen area including mini fridge (which does come stocked with beer, soda, and water), closet, safe, and as you can see from the picture, a small living room with coffee table, extra chairs, a desk, and a large television.
Out back is a balcony that runs the whole width of the building and can be accessed via sliding doors in each guest room. There are tables and chairs there too, which make it a great li'l place to look out onto the bay or smoke a couple bowls and relax.
Jared's Thoughts On Mango's: "If you're looking for a quaint bar and hotel this is the place for you- limited rooms so book early. Since there are not scores of guests the wonderful staff spends all its time making sure you have a great stay."
[ UPDATE ] As of my last trip back in 2014, my old friend Tom has partially retired and sold several of his properties, including Mango's. While the name remains the same, the attached Rock Lobster disco has been turned into a more adult-themed "Bunny Ranch" and several new suites have been built. There is also a new beachside bar.