Temperature of manila currently at 22 deg C. I was told by somebody who lived there.
In 1930's i would assume US laws still prevail, so corporation would be comfortable doing business there.
From hong kong and taipei, manila is just two hour flight time away. It can be turned into the new hong kong if the philipinos play their cards right
A section of the city could be turned into a financial hub where english law prevails. Serving chinese financial interest.