Balete tree (also known as balete or baliti) are several species of the trees in the Philippines from the genus Ficus that are broadly referred to as balete in the local language. A number of these are known as strangler figs wherein they start upon other trees, later entrapping them entirely and finally killing the host tree. Also called hemiepiphytes, initially, they start as epiphytes or air plants and grow several hanging roots that eventually touch the ground and from then on, encircling and suffocating the host tree. Some of the baletes produce an inferior quality of rubber. The India rubber plant, F. elastica were earlier cultivated to some extent for rubber. Some of the species like tangisang-bayawak or Ficus variegata are large and could probably be utilized for match woods. The woods of species of Ficus are soft, light, and of inferior quality, and the trees usually have ill-formed, short boles.

In some areas of the country, some people believe that balete trees are dwelling places for supernatural beings like kapre or tikbalang. In some places, sorcery rituals are known performed inside the chambers formed by the tree.[20] Also among others, some superstitious folks suggest not bringing in balete as decorative plants inside a house as they allegedly invite ghosts.

A 400-year-old balete tree in Barangay Campalanas in the town of Lazi, in Siquijor province is believed to be the oldest and the biggest in the province. What is also unusual about this tree is the spring that emanates from the base of the tree and flows straight into a man-made pool. Few species of fish is found and offers a foot spa for tourists both local and foreigners alike. 

The balete tree is believed to be enchanted for its healing powers. Old folks say that the roots hanging from above the tree and which touches the water in the spring can be a cure to many forms of illnesses. However, awakened by a dream that seemed true, an old lady said that spiritual dwellers of the tree warned anyone to take a piece of the roots or any part of it, not even a folk healer (Albularyo).