From what I understand, the "sipat" is the second stage in a peace talk. This is where the two parties meet for the first time to talk about reconciling their differences and finding a common ground.
The first stage would be the initiation of the peace talk. In the Mount Data Peace Accord, the government which was then under President Corazon Aquino called for peace. They extended a hand to Conrado Balweg and the Cordillera People's Liberation Army (CPLA). The latter heeded the call.
In the "sipat" event, another stage in the process occurs. It's called the "allasiw". This is where the two parties exchange peace tokens as symbols of their commitment to what was agreed upon in the talks.
In the Mount Data Peace Accord, the Aquino government gave Balweg a Bible, an M16 rifle, and a rosary. In exchange, Balweg and the CPLA gave a wooden shield and a spear. Some reports say that Balweg also gave a machete/bolo and a head ax.
