from the Spanish banderita meaning small flag or small pennant

banderita: a small pennant used as a colorful trimming in fiesta banners

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

banderitas: 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.