Bohol is situated in the Central Visayas region just like Cebu. I have been to this place twice and the experience are both fascinating. The best time to go to this place would be during May. You know why? Because almost everyday there is a fiesta or a town feast. You can go over a house and enjoy their prepared food for the occasion without having to be formally invited. This will save you money for food as well as won't be difficult for you since you do not have to carry a lot of baggage.
For destinations, the best place to stay would be the famous panglao Island. There isn't much activity though if you are just going to stay in one place so it would be best that you hire a vehicle to take you to the beautiful spots. I find it boring to go to a place only to stay in one particular area when there are a lot of interesting venues to roam around with.
Visit the effigies of the blood compact or go to religious sanctuaries like the Baclayon Church if you are into digging the historical backgounds of Bohol. There are museums near the churches so it can be pretty interesting even if you are not a religious person. If you still crave for more, there are a lot of watch towers you can visit as well. Such great heritage here.
If you are a nature lover, you can visit the chocolate hills, see the tarsiers in the loboc river whichare both endemic to the place while having your lunch at the floating restaurants. Chances are you will get serenaded by the world renowned Loboc Children's Choir whilst the floating restaurant travels toward Busay falls. Speaking of falls, if you are up to it, you can trek downhills toward Mag-aso Falls located in the heart of Antequera or you can simply admire the view of the man-made forest. Perhaps you may want to go to Hinagdanan cave if you are into dark enchanted places.
So if you plan to visit Bohol, never stay in just one particular spot as this place has a lot to offer.