This festival is the largest one to be held around Inle Lake, and takes place each year at the end of the rainy season, as the dry season begins, around the time of the full moon. Large numbers of visitors come to the festival, both from within Myanmar and overseas.
There are five statues of Buddha which are considered to have mystic powers at Phaung-daw-oo, and over the years they have lost their shape and turned into gold spheres, as believers have stuck gold leaf to them. During the festival, four of these Buddhas are placed on a golden boat which represents Karaweik-the legendary bird, and sailed around Inle Lake to visit the 20 villages on the lake and around lakeside. On the final day, when the Buddhas are returned to Phaung-daw-oo, the festival reaches its climax with a traditional Inle boat race in front of the Pagoda.
I learned about this festival five years ago, but this year was the first time I was able to actually visit, and see for myself how special a day it is for them.