Boracay (pronounced bora-KYE) Island is the Philippines’ most popular beach destination and once you are there it’s still quite cheap by international standards. White Beach along the west coast is home to about 90% of Boracay’s hotels and it’s a lovely place although quite crowded in season.
Compared to elsewhere in Asia such as Phuket or Goa or Bali, Boracay Island is more of a mid-range destination for costs. Demand in season is high so even basic hotels charge US$30 and up, and there is only one hostel which isn’t too cheap anyway. So Boracay is better for a splurge or a solid middle-class beach stay than for the backpacker set. Boat Station 3 is cheapest while Boat Station 1 is mostly 4-star resorts.
There are fast-food restaurants and many Filipino places where all the locals eat that are quite cheap, but once you sit down at a restaurant on or near the beach the price goes up. However, competition is high so you can even get an all-you-can-eat buffet on the beach for a modest cost if you look around.
For drinking there are fruit juice stands everywhere and many cheap bars where San Miguel bottles can be very cheap on all-day happy hour deals.