Higalaay Festival means "Friendship Festival", which the word "Higalaay" comes from the Cebuano word "higala" (friend; chum; pal)[2] which was regarded from what the city of Cagayan de Oro is being tagged, the City of Golden Friendship.

Under father Pedro de Santa Barbara, they built the first Christian church near the fort (Gaston Park before).

Since then, the inhabitants celebrate August 28 as the feast of the settlement.

[4] It has been the tradition of the city of Cagayan de Oro to celebrate its festivity with simultaneous events that even start on the first week of August.

To name just some are the Garden Show and Agri Fair, Kumbira Culinary Show, Cowboy Festival: Annual Horse Show, Kahimunan Northern Mindanao: Food and Lifestyle Show, Miss Cagayan de Oro, The Kagay-an Festival Marathon[permanent dead link‍], Cagayan de Oro Carnival Parade, The Higalas Parade of Floats and Icons, Higalaay Bisperas Fireworks Display, Religious Procession, Fluvial Procession, and Higalaay Pyrolympics.