I just came from there and was diving on the southwest tip of Panay, province of Anitque (Iloilo has no real good diving) in a town called Anani'i. There is a little island off shore there called Nogas and it has very good diving. There's a wall on the west side of it and lots of coral mounds, deep and shallow. Lots of fish and healthy coral. It's a 2 hour drive from Iloilo City.
Two of my friends have opened a resort there and I started diving there in 1995 or so. They now have a nice house with two airconditioned rooms, or, you can sleep outside in the breeze. No bugs bothered us at all. Showers, flushing toilets, great food.
They have a website now but I don't have it. I'll get it and PM it to you. You can call:
63 917 305 0669 or 920 952 8669. Ask for Boy Saldana (the "nia" sound on the N) Tell him his friend Hank told you to call. He's a great host. His family runs another resort called Isla Naburot (Google it)
It's laid back, dive how you want, relax. Unreal. A couple resorts in Boracay are arranging to bring divers down now. YOu also are pretty close to Piedra Blanca and other offshore spots.
Check out my profile pic. That's Boy on the left and Nogas Isle in the background. Nice, simple boat.