I've heard there are jeepneys that make the run around Panglao Island, I'm wondering if there are tricycles as well?
There are generally a few trikes on Panglao. Not a lot though and may be a bit of a wait. If you just want to go into Tagbilaran some of the resorts will have a van/car going into town, usually for a small charge. Then it's easy enough to grab a trike for the trip back.
panglao is very far from tagbilaran... though its cheaper than riding a van... i think its a lot stressing to ride a trike that long..