Welcome to SB.
One thing to keep in mind, depending on where you go, are the efficiency of your connections. e.g. flying into Manila T2 with PAL and flying out domestically from T2 with PAL was about a 40min transition for me vs. 3-4 hours if a different Terminal. So a cheap fight might be some torture if connecting to a different terminal / airline. IDK re Cebu.
I've asked the Mods to move this to Philippine Paradise section to gain some traction.
My Philippine's experience is limited so far to wrecks/planes (Subic, Coron), Anilao for fun (I'm not into macro too much but some of the sites there are too lovely), and then LOB to Tubbataha for the best of the best ... I don't have an answer for you ...
So in short you're after reasonably priced basic accommodation/diving that isn't mob swamped, non-macro pelagic or walls that are easy to get to?