Ayala Mall and SM mall are the 2 most popular malls in Cebu City.
Two of my favorite stores there are Habagat and Ace Hardware. I got a 14 inch color tv at the appliance center for 4,200 pesos last week. I am staying in Samar and its hard to shop over there.
You will have to get a bill of lading from the shipping company and pay port fees if you have purchased stuff that is obviously new. ie. Still in the box.
You can get away with quite a bit of carry on without paying extra but I had 5 large parcels. There are always sweethearts from the many colleges in Cebu at the mall. They pretend to be shy but really love the attention! The Habagat store has high quality Filipino and imported goods.
They handle Petzl helmets and technical climbing equipment. We picked up a couple flotation vests for use in the underground rivers in the cave systems in Samar.
There is a surprisingly active market in the Philippines for adventure equipment. All malls in the Philippines will have security people that check your bags upon entry.
The SM Mall can be reached by jeepney or taxi. From Colon it will cost about 7 pesos for the jeepney and about 50 to 60 pesos for a cab.
You can get anything from guitars to fast food. I have not honestly found any food at the SM Mall that deserves mention.
Checking out some LED flashlights for use around the camp.