Its called the Strong Republic Nautical Highway (SRNH) and I've driven it from Manila to Dumaguete. The SRNH segment between Manila and Iloilo runs by road to Batangas City, by ferry to Calapan, by road to Roxas, Oriental Mindoro, by ferry to Caticlan (gateway to Boracay, located in Malay, Aklan) and onwards by road to Iloilo City. From Iloilo to Bacolod by roro, then choice of a couple of ways from Bacolod to Dumaguete. The only problem I had was I made the trip right after a hurricane, and roads in Iloilo were flooded. Other than that, a nice relaxing drive. We took our time and drove it in 4 days, but could have done it in half that if we wanted to push it. We stopped over for a day in Boracay on the way. It's been some time, but I seem to remember ferry fees ranged from about p1500 to p2500 each depending on length of trip. Very reasonable, no problem finding decent accomodations each night.