I sell dive travel, and the location with the best bang for the buck changes all the time. But, I was in Philippines last November and it was super and not alot of $$ for what you got. Nice resort, great rooms, fabulous dive operation with 4 dives a day, plus shore diving at the house reef, air transfers from Manila and an 5-star chef with amazing, fresh meals. - all for around $1600 for a week?!?! Oh, and bonus points for the beautiful, full service onsite spa - $35 for an hour massage (I got hooked on the foot massage!)
Air is not too cheap, but if you plan out far enough, there are some good buys or you can fly with miles. (The best thing I ever did was get a mileage credit card - we upgrade or fly for booking fees only now. Anyway, it’s a superb value.) You can see some of my PH pics on my profile.
We stayed an extra day in Manillla to sightsee and the resort arranged for a driver for the day -we paid $100 for 12 hours of him taking us all over the city shopping, eating & sightseeing. Another great value! He stayed with the van and guarded all our gear so we were free to roam around. He picked us up and dropped us off where we wanted, then took us to the airport at the end. (And you do not want to try and drive on your own in the Philippines - traffic is crazy.)