Seems like everyone's filled you in quite well already Lemme just add some stuff.
I'm a photo enthusiast who sometimes go around Manila with my photo gear without any problems. Of course, there are always touts especially in Intramuros. Just don't get tired of smiling while saying no. Snap a pic so they'll walk away smiling, too. I've also gone around carrying other gears from my work in TV, too. Like what other people always say, just use the same caution you do in your own city and you'll be fine.
I'll be going to SIN and Malaysia at the end of the year, and one of the things I'm trying to do now is find out if there's anyone I know who'll be coming from those countries before my trip. Why? Coz I'm having them save some small notes and even coins in SGD and MYR which I can exchange back to peso when they get back here I think it's very helpful to land in the country I'm visiting with some local cash in hand, especially since exchange rates in airports/hotels are usually much lower than others. But hey, that's just me
I'd be happy to meet you when you do get here! Maybe I can even give you a personal tour of Intramuros. We'll snap and smile at those touts together. Hehehe