Balicasag Island has long been considered one of the best dive spots in the Philippines. Only 45 minutes by boat from Panglao, the visibility is often extraordinary, the coral cover is excellent, and fish are abundant. Large species found here include barracuda, jacks, parrot fish, and grouper.
The island is small and can be walked around in under an hour. A marine sanctuary protects part of the reef, and snorkelling just off the beach gives you a good taste of what the deeper dives offer. That said, the popularity of the site has taken a toll — heavy tourist traffic has damaged some of the coral, particularly in the shallows. If you visit, stick to designated areas and resist the urge to touch anything.