Step 1 :Let's substitute $x=0$ and $y=-3$ into the function $f(x, y)=2^{x}+8 x y$.
Step 2 :After substituting, we get $f(0,-3)=2^{0}+8*0*(-3)$.
Step 3 :Simplifying the expression, we get $f(0,-3)=1+0$.
Step 4 :So, $f(0,-3)=1$.
Step 5 :Final Answer: \(\boxed{1}\)