Here's a breakdown:
* Magandang - Good
* Araw - Day
* Po - A polite marker, similar to "please" or "sir/ma'am" in English.
Here are some other ways to say hello in Filipino:
* Magandang umaga po - Good morning
* Magandang hapon po - Good afternoon
* Magandang gabi po - Good evening
* Kumusta ka? - How are you? (informal)
* Kamusta ka po? - How are you? (formal)
Note: The "po" is typically used when speaking to someone older or in a position of authority.