This is Magellan's cross, the cross widely believed to be planted by Portuguese and Spanish explorers on Philippine soil by order of Ferdinand Magellan upon arriving in Cebu, Philippines on April 21, 1521. It is believed to herald the arrival of Christianity in the Philippines.
This cross, made of tindalo wood and housed in a kiosk made from coral stones, actually encases the original cross. The original cross was covered to protect it from the harsh elements, including visitors who chip away at the cross, either from a belief in its supernatural powers or just to take home a souvenir. One of the alternate stories of the cross is that the original cross may have actually been planted at a different site and burned by Filipinos after Magellan's defeat. It may not have been until Spanish forces conquered and colonized the Philippines that this purported cross by Magellan was placed at this site that we all know today.