balisong (BAH-lee-sahng) - n., a folding pocket knife with two handles counter-rotating around the tang such that, when closed, the blade is concealed within grooves in the handles.

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Also called butterfly knife, fan knife, and Batangas knife -- the latter from the province in the Philippines where they were developed. The main word comes Balisong, a village in Batangas, which was one of the original manufacturing centers. The folk etymology is that it's from the Tagalog phrase baling sungay, lit. broken horn, since the original balisongs were made from carved animal horns, but this appears to be spurious.
---L.

Thanks, WikiMedia!
Also called butterfly knife, fan knife, and Batangas knife -- the latter from the province in the Philippines where they were developed. The main word comes Balisong, a village in Batangas, which was one of the original manufacturing centers. The folk etymology is that it's from the Tagalog phrase baling sungay, lit. broken horn, since the original balisongs were made from carved animal horns, but this appears to be spurious.
---L.