If time is short, driving yourself is a quicker option than relying on jeepneys and other public transport, but it does come with caveats. Philippine driving is possibly at its most manic in and around Manila, and in Luzon's central mountains. It's less life-threatening elsewhere, though, and verges on pleasant in and around cities such as Cebu.
Whatever you do, don't try to emulate the local style - driving in the Philippines is one area of cultural difference where the 'when in Rome' principle doesn't apply.
Insurance
Philippine law requires that you have third-party auto insurance with a Philippines auto-insurance company when you drive in the Philippines. If you rent a car, this can be arranged with the rental agency. You are required to carry a minimum of P750,000 of insurance. Auto insurance is available from local insurance agencies.
Read more: http://www.lonelyplanet.com/philippines/transport/getting-around#263990#ixzz3Dy8N86bM