It's just an hour and a half travel by fast ferry from Cebu City like Oceanjet or Supercat). Then Panglao Island is a fifteen-minute trip by land from downtown Tagbilaran. You can hire a Taxi cab or a rent-a-car service. (--,) ------
From Cebu pier, take a fast craft ferry (like Ocean Jet) to Tagbilaran Bohol then from the Bohol Pier, rent a van or car (or taxi) to Panglao island, 15-30 mins. away. Have fun! ------