I think the peso gives you the best value for diving. Besides Cebu-Moalboal-Bohol area, have you thought of Puerto Galera?
It is about 4 hrs travel from Manila.
http://www.about-scuba-diving.com/countries/philippines/puerto-galera/index.htm
I like Small Laguna Beach which is close to the restaurants in Sanang and better beach in Big Laguna.
Dive prices are very competitive in PG.
http://www.sabang-inn.com/Resort/Package_Deals.html
http://www.southseadivers.com/packages.html
The Sabang Inn is especially good value:
One Week Dive Package
7 nights accommodation in seaview room w/aircon
Cable TV
Hotwater shower
American breakfast
10 guided dives **
Package Price US$229*
*Price based on double room occupancy per person
add US$ 56 for single occupancy
**Price based on use of own equipment, add $30 for shop equipment
In the top end, you have Atlantis Dive Resort, Tropicana Beach Resort, La Laguna Beach Beach Club, Club Mabuhay La Laguna
El Galleon Beach Resort, Portofino Beach Resort, etc.
http://www.philippineshotelresort.com/puertogalera/index.html
Undercurrent has an article for Sabang Inn and PG:
"Sabang Inn. For $2 it¡¦s a 2-hour trip on a Sabang Princess banca from Batangas, then a two-minute walk to the Sabang Inn. Sabang is a small beach town, packed with apartments, condos, small hotels, dive shops, restaurants, bars, discos, and lots of young people. Few dive destinations can compete with Sabang for all-night action. Everything is compactly located, so it is only a few minutes¡¦ walk to any night spot. The 16-room Sabang Inn has basic rooms for $18. Add $3 for hot water and another $3 for an ocean view. Rooms include a kitchenette, AC, and cable TV (65 channels). A small pool next to the dive gear area is good for rinsing the salt off your skin. The Sabang Inn offers breakfast and lunch, and a host of decent restaurants are nearby. I made 21 dives during the week and, all told, spent about $500.
Compared with the Club O, reefs here are prettier, with more schools of larger fish, such as sweetlips and snappers. Large groupers are uncommon, though I did see several large potato cod at Hole in the Wall. Sites like Fishbowl are 130 to 165 feet deep and require decompression. At Drydock, currents are strong. I needed my reef hook to shoot the huge mangrove jacks that hung out inside the drydock. The variety of exotic critters around the Sabang Wrecks is similar to Basura, but most divemasters lack the training to find them regularly. Three wooden wrecks in the Sabang harbor are habitat for ghost pipefish and frogfish. On the bottom (20 to 65 feet), a sharp-eyed diver can spot all kinds of strange animals. I saw a blue-ringed octopus -- its bite will kill you -- the blue-fin lionfish (supposedly endemic to north Bali) and pygmy seahorses. It¡¦s an excellent night dive. With the lights from Sabang, it¡¦s hard to get lost and one could swim to shore in a pinch.
The Canyons, one of the fishiest sites in the Philippines, is the signature dive site at Sabang. Depending on the current, the direction of the dive, and which of the three canyons you dive, will vary, creating a feeling of newness even after diving the site several times. Each canyon has its own resident fish: ribbon sweetlips, paddletail snappers, harlequin sweetlips, oriental sweetlips, and a variety of other snappers and sweetlips tend to school in the same areas.
Dive operators mix divers of all skills and limit the length of dives. Still, I could get 70 minutes on dives to normal depths. Three boat dives a day run $39. And they have Nitrox. Sabang Divers uses planing skiffs with large outboards that get to most sites in five minutes and return you to the resort after each dive. If you have a buddy, you can dive the house reef anytime, with no extra charge for tanks. Sabang tries to follow PADI rules, but they are relaxed about diving beyond 130 feet and developing a decompression ceiling. Several Sabang dive operators are heavily into technical diving. One Action Diver instructor apparently holds the world¡¦s open water depth record of more than 1000 feet. The dive only took nine and a half hours."