Travel light! Majority of the transportation on the island has little storage space for luggage.
Keep a small amount of money separate from your wallet, for emergency reasons. In case your wallet gets stolen, at least you won't be out of money.
Remember to bring sunscreen!
It's best to buy souvenirs from the shops instead of the passing vendors. Sellers on the beach may charge you a price that is higher than normal.
Walk along the shore if you are traveling. There's less foot traffic, plus you can enjoy the view.
Haggling is acceptable for souvenir shops and vendors. They will sell things to you for a higher price if you're a tourist.
There are a lot of great shops and dining locations that aren't located on the main strip. Go here if you want to have an 'authentic' experience.
If you need to be able to connect to the internet at all times, I strongly suggest purchasing a Pocket Wi-fi and enough data load for the duration of your trip.
One of the unique dining experiences in Boracay is d'talipapa. This is a seafood market surrounded by restaurants that offer to cook your selections for you. You can order side dishes (like rice) and you can have your seafood cooked in the sauce or marinade that you choose. Below are some photos of the d'talipapa experience.