Malapascua Island, located off the northern coast of Cebu, is a world-class dive destination in the Philippines famous for being one of the few places in the world where you can regularly spot thresher sharks. Monad Shoal, a submerged island, is the most popular dive site for thresher shark encounters, while other sites like Gato Island are home to diverse marine life like sea snakes, mandarin fish, and cuttlefish.