Nowadays, Malapascua is a developing resort island, with a fair number of beachside hotels but still mostly rural. The beach is nice enough:
And you can go snorkeling:
There are some rather beautiful corals on the ocean floor and supposedly some manta rays and plankton-eating sharks, but I didn't see them.
For some reason, there are throngs of Germans and Austrians everywhere - to the point where the local guides are as likely to speak German as English.