This post is an entry to #ourcuisine contest by 
@tpkidkai
This is a Pilipit which literally translates to Twisted. So I guess this would be the local version of a Pretzel.
This is made from Tapioca starch, which is then covered with loads of brown sugar, then deep fried in a boiling tub of lard. I'll bet it has more calories on it than I could count, but it sure is delicious.
Three pieces of it costs around 20 pesos (less than $0.50)
Bought three when I went to the public market earlier. :)
Shameless Plug
If you haven't read it yet, please do take the time to read the beautifully-written A Day In The Clouds which chronicles one of Zepp's misdaventures.