The memorial is located on the waterfront between the water and Julio Pacana Street; the memorial is adjacent to a canal behind a gate.

The peaked cap shaped monument is in essence the main and the most conspicuous fixture of the memorial . It is made of fiber glass and steel bars and is 5 meters in height and 8 meters in diameter. In front of the cap’s crown is a US coat-of-arms, and “scrambled eggs” on the visor. 

The huge peaked cap is a replica of the service cap worn by General Douglas Macarthur, and it also serves as the roof of the open structure. It is supported by five columns on a round base. Each of the columns is superimposed with outward facing five five-pointed stars which represent the rank of MacArthur.  A model of PT-41 is also inside the memorial along with a star in the middle of the hat which is inscribed with MacArthur’s biography and the sponsors of the monument. (From the Philippine Historic Commission)

At the direction of President Roosevelt, MacArthur some staff, and his family departed Corregidor Island escorted by Motor Torpedo Squadron Three (PT-34,34,35 and 41). MacArthur traveled in PT-41 with Motor Torpedo Boat Squadron Three Commander Bulkeley. For two days the squadron evaded the Japanese Navy arriving at  Macabalan Wharf on March 13, 1942 where American and Filipino soldiers were waiting. Amid threat of Japanese detection, he proceeded to Camp Phillips, Manolo Fortich, Bukidnon and stayed at the Del Monte Club House for several days. From Diclum Airfield MacArthur’s group flew a B-17 Flying Fortress to Australia on March 17, 1942 were he announced "I Shall Return".  He would direct the war from there, returning to the Philippines in October 1944. 

 A Philippine Historic Commission marker is located near the hat.

The text on the historic marker is written in Tagalog:  

Macabalan Wharf

Ipinatayo ng mga Espanyol sa Cagayan de Misamis ika-labinsiyam na siglo. Nagsilbing daungan ng mga sasakyang pandagat mula Maynila, Cebu, Maribojoc, Iloilo at Romblon. Naging kutang tanggulan ng mga Cagayanon upang pigilan ang pagsakop ng mga Amerikano sa Cagayan de Misamis, Enero–Marso 1900. Nasakop ng mga Amerikano, 25 Abril 1900. Dito dumaong sina Hen. Douglas MacArthur at pamilya mula Corregidor, 13 Marso 1942. Tumungo sa Del Monte Airfield, Bukidnon at lumpipad patungong Australya, 17 Marso 1942. (Tagalog)

The significance in English is:

Macabalan Wharf

Built by the Spaniards in Cagayan de Misamis in the nineteenth century. It served as a harbor of maritime vessels from Manila, Cebu, Maribojoc, Iloilo and Romblon. Became a fortress of the Cagayanons to prevent the American occupation of Cagayan de Misamis, January – March 1900. The Americans conquered, April 25, 1900. Here landed Gen. Douglas MacArthur and family from Corregidor, March 13, 1942. Headed to Del Monte Airfield, Bukidnon and flew to Australia, March 17, 1942.