In the shallow area of Rico's Wall you can see anemones with clown fish (in the picture), nudibranchs, and many small tropical fish. In the wall area, you can see lionfish, moray eels and batfish.
Around the island of Panglao there are many other interesting dive sites (Napaling, Duljo Point, Snake Island and Arco Point, to name just a few), that you should not miss either.
One of the best dive sites in the area of Bohol is Cabilao Island, famous for the Hammerheads, which every year are getting more difficult to see.