This is a statue located on Mactan Island in the Phillipines. It is dedicated to Ferdinand Magellan. Mactan is where Magellan was killed by a native Filipino tribe led by Lapu Lapu.
Magellan and his crew were attempting to become the first people to circumnavigate the Earth. Although Magellan died here, his crew succeeded in completing the journey on September 6, 1522.
The expedition had left Spain three years earlier in 1519 with 214 men aboard four ships, but only 18 men made it all the way around. This was the cost of exploration.