This is the first time Miss Philippines has been awarded the title in the 63rd Miss World grand final pageant on the resort island of Bali.
Megan, 23, who is a student of filmmaking, is excited to have taken over the crown from 2012's Miss World winner Wenxia Yu of China.
"I have no words to express my feelings. Thank you so much to everyone for choosing me to be the next Miss World. It means a lot to me and I promise to be the best person. I am very very excited," she said after the crowning.
Frances' Marine Lorphelin was the first runner-up, while Ghana's Naa Okailey Shooter was the second runner-up.
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Though Miss India World Navneet Kaur Dhillon did not make it to the top ten, she did bag the title of Miss Multimedia.
Navneet was being touted as one of the probable winners and was expected to bring back the title home after a gap of more than a decade. Bollywood actress Priyanka Chopra last won the title for India in 2000.