Accommodation on Bantayan Island
As already mentioned many people go to the small town Santa Fe. Here you can find some restaurants on the main street which are mostly owned by foreigners.

Directly on the beach you can find great resorts with the perfect sea view. They offer cheap to middle priced accommodation.

For example the Sugar resort offers huge bungalows for 2 people including bathroom from 800 pesos a day. You really should try to negotiate in that resort, especially in the off season.

If you really want to stay in a cheap place the Fairview resort is a good choice. Owned by an Australian guy the resort is situated only a couple of minutes ride away from Santa Fe. From the huge balcony you have a great view of the ocean.
You can rent a motorbike for only 150 Pesos a day there (they only have 1 motorbike to rent). You get a double room including bathroom for 300 Pesos a day. A bungalow including kitchen is available for 400 Pesos a day (prices as of 2009).