In January 1971, a locksmith called Rogelio Roxas from Baguio City, 200 km north of Manila, met a half-Japanese-half-Filipino "mestizo" whose father had been a translator for Gen. Tomoyuki Yamashita during the war. When the man was 15 years old, his father had taken him into the jungles near to the hospital in Baguio to show him tunnels lined with boxes of gold looted by the Japanese during the war.

The father gave his son a map, according to the story, but the man could never find his way back to the spot. He eventually burned the map in frustration, only to learn from his sister that it was meant to be read backward in a mirror. He decided to contact Roxas, who was known locally for his exploits as an amateur treasure hunter.

Within a month, Roxas had found a tunnel lined floor to ceiling with more than 1,000 boxes of gold bullion. Among the boxes was also a golden Buddha, one ton of gold. They soon discovered that the statue's head was detachable and the cavity was full of diamonds.