I've visited Cebu 10 months ago with my friends. Usual round trip air fare to Cebu will cost you around less than P5,000 but we we're lucky enough to avail air fare promos during that time (I'd suggest you book your flight during those promos and you can save up to P3,000).
We planned to stay for 3 days and we stayed at Diplomat Hotel located at 90 F. Roxas St., Cebu City (Check map here). The room rates are reasonable and can accommodate at least 2-3 persons. You can enjoy your stay for as low as P1,200 per night. The room comes with your basic needs (at least as far as I'm concerned): Cable TV, Aircon and Hot/Cold Shower. You can check the rest of the room rates here.