Thieves stripped off jewelry worn by the religious image of Our Lady of the Rule in the Lapu-Lapu city church.
Envelopes from the cash donation box were also missing.
The theft was discovered early moring by the shrine custodian Virgilio Camposo.
Fr. Augustin Polong, assistant parish priest of Our Lady of the Rule, said the stolen valuables, which were donated over the years by devotees were worth P500,000.
They include 69 gold necklaces, 16 bracelets, and 70 rings pinned on the clothes of the Marian image.
Police have cordoned the crime scene. Devotees are not allowed to enter the shrine for now.