In this picture you can see one of the dive resorts in Panagsama Beach. As you can see, many resorts in the area have ocean views. Somewhat farther away from the shore you will find budget resorts that offer local huts at very affordable rates. If you are looking for a mid-range hotel, I can recommend Eve's, next to Nelson's Dive shop, right in front of the basketball court.
In Panagsama Beach you will find many restaurants with local and western food. There is some night life in the area as well. Most bars and pubs are next to the resorts in a street that runs parallel to the shoreline.