This is no tourist piece. The quality seems typical to late 19th century and early 20th century types and styles that have likely been in service far longer than that. It looks every bit a quality piece, even retaining its lime(?) fill. The patina speaks for itself.
A panabas is every bit as much a practical tool as it is a weapon. It is a classic chopper and used for cutting through brush, jungle etc.
It only makes sense that there are varying sizes for various jobs. I have seen ones far smaller than this one and in different styles.
Personally, I think far too much is made of the panabas being a beheader/executioner's axe. While it may have been called into duty for that once and a while, I think its primary purpose was as a tool, than a weapon. Panabases are relatively prevalent though they differ dramatically in style and quality....were they all intended as beheaders, there would be no Moros left to fight in the Moro Wars!!!
