While totemic figures usually have some significance, most of the lizards I've seen carved into items from Luzon seem to be newer and quite likely tourist oriented, thus I suspect that these are largely just for decorative purposes.
In some older tribal religions the lizards play a part similar to Loki in Viking mythology and the raven in many Amerindian myths, that of a joker or trickster based upon its ability to be unseen...now you see it, now you don't, thus the ideal "spy of the Gods".
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