I live in Cebu, but sad to say I don't eat much seafood. There used to be a terrific place on Mango ave called City Grill where you could pick a fresh fish and have it grilled up right there. Alas it's closed now.

If you want to do something fancy, you might consider the high-end hotel restaurants such as Cowrie Cove at Shangri-La or The Seas at Movenpick. Those are both on the high end. They are next door to each other in the Punta Engano neighborhood on Mactan island. Maybe $3 to get there by taxi from downtown, very easy and cheap.

If you are feeling a little adventurous (and/or looking for something less expensive) you might consider visiting the Lapu Lapu Shrine, also in the same neighborhood. When you get to the shrine don't go inside, veer off to the left and there are lots of small restaurants with fresh fish you can select for grilling. The hawkers can get a little aggressive there, if you don't want to eat at their restaurant, say "Manah ko kah own" which means "I already ate" and they'll leave you alone. Again, $3 by taxi from the city. Filipinos from Cebu all eat here, bring visitors, etc., and rave about it, but be aware that the experience will be somewhat on the native side.

That's sort of the high and low ends. In the middle, I would take the group to Ayala mall in Cebu, where they have recently opened The Ayala Terraces, which is home to dozens of restaurants. They are all pretty decent and you are bound to find one that you can all agree on. I don't know if there are any seafood-specific restaurants there, but Filipinos eat a lot of seafood so most restaurants have at least some seafood dishes.

Hope that helps....