I haven't been to Malapascua but have dived Balicasag frequently the last couple of months.
Balicasag is NOT a big animal place.
What is does have is great drift diving along walls and steep slopes with nice corals, good schooling fish (horse-eye jacks, big mouth mackerels, rainbow runners, fusiliers, scad, snappers) and a very good chance on seeing turtles. In the shallow areas some decent macro life can be found too (nudibranchs, pipe fishes, leaf fishes, mantis shrimps, flat worms etc).
Another boat with divers (it's always the others right?!)got a brief glimpse of a whaleshark there recently too but that's not the norm. Whalesharks are NOT frequently seen at Balicasag as far as I know.