There is a small Japaese owned shop that has internet available.
The connection is sporadic but it works for some.
I choose to wait to get back to Cebu to get online because it was giving me problems.
It's probably ok for checking email.
The cost is 1 peso per minute with a minimum of 30 peso. A refund is offered in cases of lost connection.
Presently it's the only internet on the island.
As Malapascua gets more developed there are sure to be more internet cafes springing up in some of the newer hotels.
If you are not in a hurry or have urgent matters to address it might be best to just wait to get back to Cebu where it is common to get a good connection for 15 pesos an hour.