Results of an inventory of the fauna of aquatic and semiaquatic true bugs (Insecta: Hemiptera) of small streams in a lake catchment of northern Palawan are presented. Twenty-one species were recorded. Taxonomic and ecological notes, distribution and collection sites are given for each identified taxon. Rhagovelia hoberlandti Hungerford & Matsuda 1961 is newly ranked as a subspecies of R. kawakamii (Matsumura 1913): Rhagovelia kawakamii hoberlandti Hungerford & Matsuda 1961, stat.n. Cercotmetus asiaticus Amyot & Serville 1843 is recorded for the first time from the Philippines. Endemic and few undescribed taxa are discussed. Additional environmental data of the sampled waters are discussed with comparative surveys in the country.