You will want to get away from Cebu City or Mactan Island. The diving there is poor due to pollution.
Moalboal is a two hour drive from Cebu City 2 1/2 or 3 hours from airport. The diving is outstanding and many nice resorts from $25.00 to $50.00 a night. You could budget $100.00 a day for three quality dives, hotel and all your food in Moalboal no problem.
What is 4D3N diving?

 

If it was me...Moaboal would be fine...but I'd take the extra effort and slight expense to head to Cabilao Island. Pick up from airport, seaport, or hotel..two hour drive and then 30 minutes or so by large outrigger...lovely trip..

http://www.polaris-dive.com/index.htm

Top diving in an exceptionally well-run resort. Probably around $130-140 mark for three outstanding dives, very comfortable quarters, and some of the best food I've had anywhere. Never heard a grumble about this place...

 

4D3N - 4 days/3 nights.....with 2 days diving

 

Thanks guys for the info. Sounds like Moalboal is a great choice.....any special aquatic life there? When is the best time to go? Don't want to go that far and at the end.....you know what I mean.

 

Many fish, nothing huge or unusual though. Very pristine coral and clear water. I dived there in December two years ago, it's a good time of year to go.
I noticed there are many European speaking divemaster as well as English located in Moalboal. All three times I have been there I met and dived with guys from Germany.
Nelsons dive center is one of the only Filipino owned five star PADI in Philippines. I dived with them three trips now, darn good folks. Nelsons sister Eve owns a hotel and restaurant that is clean and inexpensive.