Much of what is popularly known today stems from Damiana Eugenio's re-telling in Philippine Folk Literature: The Myths, based on an earlier version by Fernando Buyser. Buyser's version carried Christian overtones and used verses from Revelation, suggesting that Eugenio took creative liberties in reshaping the narrative. Due to limited documentation, particularly before the 20th century, verifying the story's authenticity is difficult—a challenge common in oral traditions.
One theory posits that the seven moons devoured by Bakunawa symbolized the seven agricultural months in the ancient Ilonggo lunar calendar, as documented by Spanish chroniclers like Miguel de Loarca in the 16th century. While no pre-colonial texts directly confirm this, the connection between lunar cycles and farming practices aligns with beliefs in other ancient cultures.
Historical references—like Fr. Alonso de Mentrida's 1628 dictionary—support that people banged drums during eclipses to scare away Bakunawa, a ritual shared across Southeast Asia. The serpent's myth likely arrived through Indianized trade routes and may have been inspired by the Hindu myth of Rahu. Its image, possibly symbolized on kampilan sword hilts, reflects local reverence for serpents and crocodiles. The myth remains an evolving fusion of indigenous and foreign beliefs.