The municipality's territory occupies the south-eastern portion of Bantayan Island (marching with the municipality of Bantayan), together with the islands of Guintacan (or Kinatarkan), Hilantagaan and Hilantagaan Diot. Because the island's airport and principal ferry port are both located within the municipality, Santa Fe is considered the gateway to Bantayan and its islands.
Although there is some small-scale industry, the municipality's principal source of income is fishing and agriculture, and from holidaymakers who come in large numbers, most notably during Holy Week, to enjoy the particularly fine white sand and uncrowded beaches.
(All are administratively independent from the province but grouped under Cebu by the National Statistics Office. Mandaue is grouped under the 6th legislative district of Cebu but still independent from the province.)