Hi, I just wanted to post this as I couldn't find a definite answer when I was searching this site regarding Luggage or Baggage Storage at SM Mall of Asia.
There is a place to store luggage, it is call "Package Pick-Up". It is also FREE (as of 6th January 2012). It is located on Ocean Drive. On the ground floor, go to where the ice skating rink is, exit the mall and turn right. Follow it down until you see "Package Pick-Up".
On their website: http://smmallofasia.com
Goto: Visitors Info > Package Pick-Up
- they don't mention it on there but just so you know there is a "Package Pick-Up" service
Some Taxi Drivers know about it, others may not. Just tell them it's on Ocean Drive and you'll be able to find it, it's sandwiched between two zebra crossings.
Also, just one other note. If you're planning on catching a Taxi to the airport, do not catch the fixed rate or the Yellow Metered Taxi (the prices are inflated). Flag a White Taxi down (they're quite frequent) and make sure you ask them to go by the Meter or "Metro".