Looking closer, I don't think the ring is niello it's engraved. The horse hoof pommel is reminiscent of Filipino motifs. The blade has a T spine from what I can see. I don't recall T spine Filipino blades; but I'm old and memory fails me sometimes.
The engraving doesn't look like typical Filipino work..
The threaded loop is also incongruous.
Puzzling but very attractive nonetheless.
