Moms and Dads in Makati, any recommendations for a hotel/serviced apartment that would be great for a staycation with a toddler?

If you can consider going out of Makati, try checking out City of Dreams as they have Dream Play by Dreamworks. It's a great entertainment center for kids. Hotel H2O is great, too. You can visit Manila Ocean Park and get a hotel room with built-in aquarium--a definitely wonderful spectacle for your toddler, I am sure.