It's like a sleeping dragon though, JuveyJones.....
As far as I can see, the Taal cone is just a small part of the volcano itself. The lake it sits in is inside a much bigger volcanic cone. I am not sure dormant is the right word as it is really active, just not erupting just now.
It appears to be one of about 16 volcanos that have been designated by the experts as having a history of being destructive and and within close proximity to a large population.