Regardless of the time of day you decide to fly, the ticket price will remain around the same. Book flights from Bohol to Iceland as you normally would.
Panglao Bohol–Panglao Intl Airport is TAG and Reykjavik Keflavik Intl Airport is KEF. These codes are created by the International Air Transport Association (IATA) and airlines use them to identify the departing and arrival airports in the flight routes they service. Akureyri Airport (AEY), Reykjavik Domestic Airport (RKV), Egilsstadir Airport (EGS), Isafjordur Airport (IFJ), Vopnafjordur Airport (VPN) are other airports near this flight route and their unique identifiers/IATA codes.