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High-speed water transportation is available between islands. It is best to use the "Super Ferries". They have cabins and bunks for overnight travel. You can include meals in your ticket. Expect to see rice with each meal. Some of the smaller lines are overcrowded and don't have enough life jackets to go around, especially during holiday seasons. Filipinos in the cities take the boats to their homes for holidays, so it's best to wait until after holidays, or travel by plane. Get a reservation early.
Smaller boats, called bangkas, make short trips between islands. They are native boats made of plywood with bamboo outriggers.
They are fun, but don't go out when the seas are rough. It can be very dangerous.