The last time I ate a $30 bucks steak was in Santa Barbara in 2002 (lucky for me that I didnt' have to pay for it) and I can't quite understand how such a steep price can be justified in the RP. Only if the owners also pay North American style wages to their employees but I am afraid they don't (ouuuchhh!). There are enough places around which offer good/excellent food at affordable prices.
Here is my tip for the day:
White Sands Resort in Mactan. I enjoy going there as a day guest on the weekend. I believe it's 450 pesos now/pax but their buffet offers an excellent variety and quality of food (even if I wish the food would be warmer). The 450 is for entry and includes consumables which is enough to pay for the buffet. I am confident that you won't be disappointed.