Malapascua Island is situated in Daanbantayan, Cebu.

Malapascua is a tiny island, only about 2.5 kilometers long and 1km wide, located across a shallow strait from the northernmost tip of mainland Cebu island.

As a diving destination, Malapascua was "discovered" fairly recently, only in the early 90s. The island was first known for its wide white sand beach, known as Bounty Beach; it has become known for its beautiful coral gardens and excellent dive spots nearby, including Monad Shoal, an underwater plateau where thresher sharks and manta rays can be sighted on a regular basis. To date, this is the only place in the world where divers can reliably sight thresher sharks.

Most of the islanders derive their livelihood from tourism, while some still rely on sustenance fishing and farming.

Source:

Wikipedia