from the Spanish word banderita meaning small flag or small pennant

a small pennant used as a colorful trimming in fiesta banners

This Tagalog word is used in plural form most of the time.

small flag-shaped pieces of paper or plastic  that are arranged in a string and hung up during festivals

Makulay ang mga banderitas.
The banderitas are so colorful.

Nagsabit sila ng mga banderitas.
They strung up some banderitas.