One of the premiere tourist destinations in the Philippines, Boracay beach is one of the best beaches around. About an hour by plane from Manila and around an hour more via the connecting bus ride and boat ride, Boracay is not only beautiful, it is cheap too. The best way to get a cheap place to stay is actually not to reserve for one beforehand. Once you get there, just take your pick as owners of small huts swarm around you, each offering nice rooms for lowest price. We got ours for around 500 pesos (1997) and was just enough to fit 5 people. Chances are you won't be spending most of your time in your room anyway.

Our room was just a few meters from the beach itself, giving you enough time to just sit around and sleep on the beach, stroll, or maybe swing around once or twice. Food is also cheap in Boracay, just make sure you  stay away from restaurants if you're trying to save. The market is your best bet for cheap food. Make sure you don't miss out on Boracay fruitshakes, try all the combinations if you can.

To enjoy everything about Boracay, there are a host of other stuff you can do aside from just swimming along the beach. A lot of water sports are available, like scuba diving and snorkling.

  It is also a good idea to rent a 'banca' to take you around the main island, as well as a few smaller ones.

Your banca captain usually is also a good tour guide as he knows almost everything there is to know about Boracay, taking you to little known places and isolated beaches.

He might even treat you to a coconut drink.

The night life is not wanting in Boracay. The best know place is Moondogs, where guests try to drink 15 shots of liquor combinations to win a shirt (some people will do anything to get a shirt!).  If you can stand after that, you get 'immortalized' by having your name placed on their wall along with other successful 'Shooters'. If you do get totally drunk doing this, you can just crawl your way to your hut along the beach. Or maybe just sleep the night away on the beach.
                                                          (1997)

(Addendum. As mentioned, information about this trip was during 1997. Prices have gone up, but not significantly if you know where to go. Boracay has certainly changed a lot. A lot of new beach hotels have also sprung up, along with bars and restaurants. Even the market mentioned here has burned down, but a new one has been built up but in a different place. Although a little less rustic, the white beach is still worth the trip)