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Balanophora is a genus of parasitic plants in the family Balanophoraceae found in parts of tropical and temperate Asia, including the Malesia region, Pacific Islands, Madagascar, and tropical Africa. There are about 20 accepted species. [wikipedia.org]
This rare specimen, closely resembling B. coralliformis, was spotted along the cloud forest of the Ambangeg Trail, Mt. Pulag, Philippines.
I consulted experts (D. Nickrent, et al.) and they said that this is a very recently-discovered and collected species of Balanophora, which is why a formal description is not yet available. I'm looking forward on reading their publication about this species in the near future.