A salakot is a native Filipino hat, typically a hard, conical (sometimes breast-shaped, with a brass "nipple" on top), wide-brimmed headgear about a foot in diameter.
The salakot varies from province to province - it can be woven rattan, carved coconut wood, half of a large, dried gourd, woven strips of bamboo, or other similar materials. A cord of abaca or other fiber is tied under the wearer's chin, to hold it in place.
Usually worn by farmers in the fields to protect from the sun, it can also double as a hard hat for light construction work or durian harvesting.
There is also a native Filipino dance called the "salakot", which involves tossing the hat onto the floor, dancing around it, and so on (it's been a while since I've last seen it).
According to legend, Malay settlers bought the island of Panay from the native Aetas with a pearl necklace and a salakot of solid gold. The Aetas then withdrew to the mountains and ceded the lowlands to the Malays; the festival of Ati-atihan is celebrated every year to commmemorate this event.
The only pictures I could find of salakots on the net are at http://www.reflectionsofasia.com/salakot.htm (only the rattan variety, though).