The core project of the Cinemalaya is the annual Cinemalaya Independent Film Festival and Competition. It provides financial grants for the production of, at most, 10 full-length feature films which will then compete for the Best Full-Length Film award. The Cinemalaya competition also recognizes the work of filmmakers in the short film format.
The Cinemalaya Campus is an important component of the Festival, providing a venue for interaction and dialogue between filmmakers and audience members.
The Cinemalaya Foundation also aims to support other projects such as national outreach, seminars and workshops on production, marketing and distribution of independent films. It hopes to strengthen the presence of Filipino independent films in foreign festivals and competitions, encouraging Filipino filmmakers to enter and be part of the international film circuit.