Irako wreck is a 147-meter wreck found within the Coron Bay area and as it provides many opportunities for some great deep wreck dives, it is often considered the best wreck dive in the Philippines. It was sunk in 1944 but it remains a quite intact for such a large boat. The boat itself was a provision boat providing refrigerated food for Japanese soldiers during the Second World War.

The maximum depths are around 43 meters with the deck of the ship being from 28 to 35 meters. Given its depth, the dive should only be completed by experienced divers; only divers with advanced certification and over 25 dives should dive this wreck.

The engine room can be penetrated and the visibility is usually very good. Divers can see where the bombs impacted the ship, and they can also look into the cargo holds. These should only be entered by technical divers as they lead to deeper parts of the ship with limited visibility.

There are a number of different fish who have claimed the wreck, including lionfish, scorpion fish, large schools of fusiliers, trevally, yellow fin tuna, large groupers, and two turtles that have taken up home here. Around the bow area, there is a large column of Jack fish and sometimes rays have been spotted near the mast area.