Malapascua Island at the northern end of Cebu.
Two really good dive sites.
Monad Shoal is a mid water cleaning station at 18-25m where you can see Threasher Sharks nearly every. We also saw Mantas (3x) Eagle Rays (2 just passign through) and a Devil Ray.
Starting in November you can also see hammerheads evidently.
APART from the big stuff it is a really great dive site with tons of nudibranches and other macro you just dont have a lot of time to take notice when you are looking for Threashers.
Gatau Island is also a grade A site with White Tip, Reef, Bamboo Sharks, Turtles, Frogfish and Pigmy Seahorse.
The Island is fairly quiet but the food is generally better than other places in Phil.
The other OK place near Cebu is Panglao/Balacasag but it isnt half as good as it was 2 years ago and no chance to see the big schools of Baracuda and Jacks.