During the off season you will find boatmen standing along the road offering cut price rides to the island. Normally they charge 1500 for up to 5 people but we found a boatman who took us for 1000 return. The trip takes 30 minutes and once you reach the island it is necessary to report at the tourist office and pay 50 pesos. You will be hassled by guides who advise you that a guide is best, but the climb up the hill is 1.7 kms and takes half an hour. The track is easy to follow and impossible to get lost. There are 513 horses there that people rent for around 500 pesos, so get there before 9 am to avoid the hoards of Japanese and Korean tourists riding up on horses. At the crater rim you will be hassled to buy extremely expensive drinks, beer 100 pesos. You will again be hassles by people with golf clubs who will supply you with a golf ball for 100 pesos to hit into the lake!!!
Taal Lake is a big volcanic freshwater lake located in the south of Luzon island about 2 hours drive south of Manila. The island in the lake contains the famous Taal Volcano, and this lake is surrounded by the Tagaytay ridge. In fact, Taal Lake is one of the biggest lakes in the Philippines and there are many endemic fishes living here such as the tawillis and maliputo which are delicacies. In fact, there were sharks living in the lake but said to be extinct now. Also, the locals told me that there are many houses buried in the lake from previous eruptions of the volcano!
A must-do in Tagaytay would be to find a good spot that overlooks the Taal Lake. It's a serene, calming view. It's not hard to find this spot. There are a lot of restaurants/coffee shops surrounding the lake -- food and view at the same time. :)