The name Sibit-Sibit was derived from the name of small paddle-driven bancas used for fishing during the early days when Brgy. Barreto was yet called Sitio Maquinaya. During fiestas, fisherfolk hold banca race using pure human strength to win the competition. Today, the festival competition includes motorized banca race and sail boat competition to add fun and excitement to the activity. In the summer of 1996, the idea came to mind when then barangay Kagawad Carlito A. Baloy set sail to stage the 1st Sibit-Sibit Festival at Driftwood Beach. It was held yearly but later was shelved for various reasons. The event was revived by the city Government under the leadership of Mayor James J. Gordon Jr. in 2006.