I decided to try B-Bums hair cut service (in Alabang Town Center) for my toddler, it costs us Php200 which is Php75 cheaper compared to HairPlay in Festival Mall. They do have toys to use for diverting a kid's attention during the cutting session, gives a free lollipop, and we've got to choose what cartoon video to play (they don't have any Thomas Tank Engine though).
I strongly recommend their expertise, plus their professional approach and friendly environment (thumbs up!).
Update: B-Bums is now located at the 2nd level, near Speedo/Shakeys.
UPDATE 02.28.2015: Kids' Haircut for Php250.