Yamaha guitars are good. They're just pricey if you buy them from Yamaha's outlets, and the cheapest full-size steel-string by Yamaha is already over $200. It plays nicely, it sounds good, and it stays in tune well. I know; I had one. But the only way you can get one at that budget is secondhand. And frankly while it functions well as a guitar, it looks cheap. And it most certainly doesn't have a pickup.
At around $150 or so, I think you're pretty much limited to TGM and all those unknown-brands. But do look around at Davis Guitar or at Music Theme (both of them are at Peninsula Plaza / Excelsior Hotel basement), they have some really affordable guitars, e.g. Fina, Greg Bennett, Samick, Jack & Danny, etc.
Of course, if you can save up around $400, you have far better options. Cort, Walden, Crafter, Alvarez, etc. All definitely better guitars than the ones I mentioned earlier, and definitely better value for money than Yamaha. If $300 is the most you can afford, you're more limited but definitely still possible to find a decent budget guitar. You may need to forgo the pickup though.
