My question is where does all this fish go if everyone seems to be catching multiple 50-80 lb fish? Would hate to think it is going to waste.
None of us ever waste these fish. We wouldn't bring them in dead if we didn't have a use for them.
This time of year is expecially favorable for releasing Grouper because they are often caught shallow enough that you can release them if you wish. If they come up from water deeper than 120 feet or so, then they are best off going into the ice box because the pressure change extends their swim bladder and bulges out their eyes.
Several of the restaraunts around RP will cook your fresh fish for you and your party if you make advanced arrangements, and like Art said, we often give some to the guys at the Marina for their families and friends. With fresh Grouper going for up to 50 pesos per kilo (about 20 pesos per pound) this works out to be a pretty nice tip for the guys at the Marina who put in long days out in the sun.
And, even though selling sport-caught fish for profit is illegal, there are barter options available with some of the vendors around town to exchange premium fish (Grouper, yellowtail, etc) for fresh shrimp, scallops, and other seafood. They know they can sell grouper, and if they need it, then they will work a trade with you.
Don't ask me who, and what the pound for pound exchange rate is... I did my own legwork, and so must you.