Finrod: Malapascua is OVERRATED
They do not call it "the new Boracay" for nothing.
Forget the hassle of getting there (4 hour drive from Cebu City then the 30 minute crossing)' once you get there you will see it is CRAWLING with white people (and NOT mongers). Euro couples and backpackers and the whole lot, they are ALL THERE.
Also, it is a VERY small island, less than 1/4 the size of Boracay. There are so many boats on the beach there is scant sand on which to relax and the mooring lines running along the beach from the boats making walking along the beach like a track full of hurdles. The town people build fires each night creating a smoky haze that is none to pleasant, although on the beach it wont bother you. The only transport is young boys on motorbikes offering rides.
The diving/snorkeling is mediocre at best.
This should probably go in Cebu thread but wanted to reply to FINROD's comment about Malapaacuas pictures looking good. I have lovely pictures of white sand and Blue water there also, but next time I'd go to Bantayan Island instead.