Well, the history of the balisong is obscure. Nobody knows exactly when or where it was invented. My best indication is that the design was originally actually French. With all due respect to Mr. Fred Perrin, and a lot of respect is due to Mr. Perrin, this pretty much casts doubts on it's origin as a fighting knife.
I also have to, having made this assertion, fight off attacks (armed and otherwise) from those who insist that the balisong is a Filipino invention. But, the oldest historical evidence I have indicates a European, and probably French origin. My theory is that from France, the balisong spread to Spain and that a Spanish sailor probably brought the first balisong to the Philippines around 1900. Did that sailor think of it as a weapon? I don't know. But, I do know that the Filipinos who saw it immediately recognized its potential as a weapon as well as as a utility tool.
Now, I would like to also point out that there are two types of manipulation: combative and artistic. Combative manipulations emphasise speed and control. They are simple and direct. As manipulations get more complex, they take longer and they increasing risk dropping the knife, especially if you have an opponent who may be pushing, hitting, kicking, etc., you. These longer, more complex openings become artistic. These are only for show.
Most of balisong manipulation is a non-combative art. However, there are great benefits to it. In practicing these elaborate manipulations, you develope confidence with the knife and you develope a feel for your knife. These developments can only help you in a combative situation.
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Chuck
Balisongs -- because it don't mean a thing if it ain't got that swing!
http://www.4cs.net/~gollnick