Cost of living in The city

Cost of living quite tricky in Cebu, it usually depends on how you spend your visit,
a rental car might range around php 2,000 - 5,000/ day (depends of the car for sure and the rental agency) but we do have alot of public transportation like jeepney, taxi, grab car, bus, motorcycle which cheaper than the rental car.

Accomodations:
Hotel - around 1,000 -2000 php/night
Apt rental - 5,000 - 10,000/month (depends on the size)

Internet - around 500php/ mo - 1,000

For foods, if you want to eat like local you can eat with Php.100 and your full (in fast food, streetfood or we call it Carenderia) but in normal restaurants, it ranges around 200-500php per serve or per meal.

I live in Cebu and the above reply is pretty accurate. Hotel costs can range higher than 2000p though, and a safe/quiet condo in a decent area or near Ayala Mall would be closer to 15-20K per month. Internet is not great in Philippines. A lot depends how long you are staying - the cheapest internet cost will be to get Mobile data on your Smart or Globe SIM, but the 3G or LTE bandwidth will not be that high. Usable for sure but don't expect to stream movies. Your hotel may have it but it likely will not be very good either. A rental condo may have PLDT which is decent. Coffee shops will usually have acceptable speed.

A rental car is indeed around 2500p per day and they will usually deliver it to your hotel for minimal extra cost. However driving within the city or going either north or south along the coast will involve a lot of traffic congestion. Parking is difficult. Do not drive after dark as it can be dangerous with heavy smoke from cooking fires, some vehicles not using lights, unlit pedicabs, and pedestrians trying to cross roadways (standing on the center line). If you get involved in an accident there will be a tendency to find you at fault.

Be careful riding jeepneys after dark and do not flash expensive phones, watches, jewelry etc when on them. Grab works pretty well here and both taxis and Grab are relatively cheap so use those instead. Drink bottled water and enjoy your trip.