With your budget, I suggest you can stay at Inner Circle Inn. It's located at the very heart of Cebu City, just across Robinson's Fuente Osmena. It has parking space at the back and a cozy little restaurant where it's used as a karaoke at nite time if you feel like it... Just google the hotel's name. Hope this will help.
Or ask for Venus, the owner of the hotel that Sarah from England has recommended her hotel for you and who knows she might give you a discount. hehehe. I'm just kidding.