Hand carving from the Philippines

This is a mahogany wood carving my grandfather brought back from the Philippines, where he was stationed during World War II. The artist was carving it on the street over several days, and as my grandfather passed by each day and stopped to check on the progress of the piece, he noticed that the face looked something like his. Naturally, he bought it when it was complete. I believe this would have been in 1945.

It is stamped with the artist's name "Luis Obial" and the place, "Paete Laguna." The base of the carving is 12 inches by 4 inches.

As you'll notice in the third picture, the boy's hat is removable. I don't really know anything about this piece other than the above explanation, so if anyone has any information to add, please weigh in.