The early Panayanon believed in many gods. Bulalakaw, a bird which looked like a peacock and could cause illness, was said to live in the island's sacred mountain called Madya-as. A chief goddess was believed to reside in the mountain of the nearby island of Negros Occidental. She was called Laon, after whom Mt. Kanlaon is named. Mediators to the gods, also said to be the first priests, were: Bangutbanwa, who prayed for good harvests and an orderly universe; Mangindalon, who interceded for sick persons and prayed for the punishment of enemies; and Soliran and Solian, who performed marriage ceremonies. Manunubo was the good spirit of the sea.

The kama-kama are dwarves living in earth mounds, and are lazy and fun loving. The tamawu/taglugar are spirits that can be either friendly or evil. They live in resplendent palaces that look like mere boulders to the human eye. When they find a human being attractive, they entice the person to join them; this peculiar act of courtship is called yanggaw. The dwindi is a dwarf residing in a mount of earth. The lulid sa bungsud has a big head, but a small torso and limbs. One who disturbs the mound where it resides falls ill. The agta is a very dark, hairy person living in the forest. Although a trickster, it is helpful to people. The amamanhig is a dead person who has returned to life and simply echoes everything that mortals say; it has lost the power to think. Hiwit or barang is a ritual that gives one of the power to inflict pain on an enemy.