There are 2 operators that run from Cebu to Iloilo, Panay Island. If you decide to take a ferry, you can take the VIP Cabin, Shared Cabin, Economy, and Tourist options.
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Economy flight by CebGo starting at US$23
150 Km (Air)
FERRY: Trans-Asia Shipping Lines | Cokaliong Shipping
FLIGHT: Philippine Airlines | CebGo | Cebu Pacific