Totally not where Spock's ears were shaped, Vulcan Point Island is a real life M.C. Escher-esque visual riddle, and's a mouthful to describe -- but it'll all make sense once we break it down here.
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To start, let's take a look at the immediate area: you've got the Philippines' Luzon Island on the perimeter, Lake Taal within that, Volcano Island (an actual, active volcano) in the middle of that, Main Crater Lake at the top of the volcano, and, of course, Vulcan Point Island in the middle of all of it. But, wait, let's pull the camera out a tad further and start there.
On the Earth lies the Pacific Ocean.
Within the Pacific sits the archipelago (a cluster of islands) known as the Philippines.
Within the Philippines sits the island of Luzon.
Within the island of Luzon there's a massive lake called Lake Taal (though it's actually more wide than anything).
Within Lake Taal projects the upper reaches of one of the world's most active volcanos, Taal Volcano AKA Volcano Island.
Within Volcano Island, over 1000ft up from Lake Taal, sits Main Crater Lake.
And just like that you've got it: Vulcan Point Island within Main Crater Lake within Volcano Island within Lake Taal within Luzon within the Philippines within the Pacific Ocean... eat that, Old Lady Who Swallowed A Spider!