Panglao/Alona Beach is lovely, much nicer than Boracay, I was it's what Boracay should be like if it wasn't full of disco's, posh hotels, hookers and touts. It is a bit pricey though, on par with Boracay, but i imagine that is down to the diving schools attracting large numbers of Koreans with big wallets.
Its only pricey if you want to live like a tourist!!
Loads of reasonably priced restaurants and bars for us locals!
By far, the best beaches are the Bohol beach club area and a bit further round the island over at Dolho..
The cheapest 24 hour stays range from 700.00 (with motor bike) to 5000 P..The most expensive resort here will set a family of 3 back 140,000 PHP per night.

There is one more beach here that I prefer to those mentioned above but it wont be for long if I advertise it!!
Cheers,
Fred.