The Island of Bohol is filled with hot spots to visit and things to do. Most people visit the smaller island of Panglao and stay in hotels and resorts there, but I recommend going to Anda. It is quieter and the beach is absolutely gorgeous. The disadvantage of staying in Anda is that it is further away from the tourist attractions, but believe me, it is worth the drive along the beautiful coastal highway.
You can rent private rooms an cottages in Ando starting at 500 pesos per night.