This place only costs 15 pesos per night (US$5.25). You might think it's a horrible place, but you'd be surprised. The rooms are certainly acceptable, the mattresses comfortable.
There are drawbacks, of course. There are limited times when you can come and go. The door is attended only until about 10pm by the manager, so if you are a late night partier, it won't work for you. There is no A/C or TV in the rooms, and no phone either.
That being said, if you need a cheap place to stay and don't want to be in a youth hostel, this is a good place. Rooms in the back are quiet, and the rooms are actually nice, especially considering the price.