The celebration will run from 10am to 5pm at the McIntosh Centre, Shepparton Showgrounds, with entry by gold coin donation.
CFAS president Yolanda Cuizon-McGreevy said the fiesta was a chance to share Filipino culture with the wider community.
“It's a beautiful culture and we want to showcase that through our food, dancing and singing,” she said.
Following last year’s successful event, Ms Cuizon-McGreevy expects this year’s fiesta to be bigger than ever.
“At the previous one the food sold out,” she said.
“People complained that it just was not big enough.”
To meet demand, this year’s fiesta will feature five food trucks, including a stall from Jollibee, a popular Filipino fast food chain.
Visitors can enjoy lechon, Filipino burger steak, potatoes and a variety of traditional sweets and deserts.
Having lived in Australia for decades, Ms Cuizon-McGreevy said she was excited to have a taste of the Philippines here in Shepparton.
“I'm excited, because I haven't tasted this food for nearly 40 years,” she said.
But the food is only one part of the celebration.
“In Filipino birthdays and fiestas, it's always food, dancing and singing,” Ms Cuizon-McGreevy said.
Live entertainment will begin at 1pm and feature singers, dancers of all ages and performances of the Philippines' national dance, Tinikling.
A pageant called the Filipiniana, with categories for children, women and men, will celebrate traditional fashion, while a free Zumba class at 10am will get everyone involved with the fun.
Visitors can also browse market stalls selling Filipino clothing, accessories and beauty products.
Ms Cuizon-McGreevy said she was thankful for community support, especially from local businesses such as J. Furphy & Sons who are helping sponsor the event.
While the fiesta celebrates Filipino culture, Ms Cuizon-McGreevy said it was also about building connections.
“We are really family-focused and hope to welcome new arrivals to this country and help them get accustomed,” she said.
CFAS was established less than two years ago and aims to support Filipino families while helping newcomers settle into life in Shepparton.