Something you should call your next door neighbor especially if they are obese, annoying, and always yells "GET OFF MY LAWN!" or something else like that.
Neighbor: You kidsbetter get out of my lawn!
Kid 1: Mr Nebbercracker is such a Pugad Baboy.
Kid 2: Yeah.
Babay is almost the same as baby, but in a cuterfashion to do so, thus gaining more of a relationship points than just a babe or normal baby would. It doesn't have to be to the sexual partner in your life, it could be to a friend.