The South Sea restaurant is nestled within the luxurious Sheridan resort, and its prices are in line with the hotel. I had lunch with some friends and you can eat pretty well from the menu. It serves Italian coffee and delicious natural juices. Also, sometimes you can eat a buffet, but my friends told me that although the price was good, about 8 €, it wasn't anything special. From 3-6 pm they have happy hour with pizza for 2 people and four beers for 9 €.
In Puerto Galera, almost all the dive centres also function as a resort and bar/restaurants. In some cases I think the best deal is the latter. The Big Apple is a huge bar-restaurant on the beach, with a menu ofering Mexican, Korean, Chinese or Italian cuisine.
Although the menu is pretty diverse at the Blue Ribbon Restaurant, with Indian, Chinese, Western and Mexican food, their specialty is delicious Korean food at a great price. Several days a week they have an Indian buffet dinner with a wide variety of Indian dishes like curry, samosas, pakoras, chicken tandorii and other specialties, for just over 10 €.