Today's SQ 865 landed into T3 at 10:07pm.

SQ arrivals' terminals are not fixed and you could be arriving into T2 or T3.

T2 arrivals would be easier as the shuttle bus to Budget Terminal is at T2.

If you land into T3, you have to take sky train to T2 and change to the bus.

Do you have checked in baggages?

It is doable so long SQ 865 reaches on time but bear in mind that if it arrives late and you miss your connection, you cannot get a refund on Cebu's side.

To be safer, I would seek alternatives but you can risk it.