Monay is a well-known Filipino bread and based on Wikipedia, it's the Filipinized version of the Spanish bread pan de monja or bread of the monks. I had to laugh it out upon reading that entry from Wiki. Coming from Western Visayas in which monay is more than a bread based on local dialect, it's hard not to. And here's why...
A post from PinoyExchange forum
"I had this funny experience a few years back when I was in Aklan. I bought a homemade peanut butter and I was craving to eat it so I immediately ran to a nearby bakery with a friend to buy some bread.
I was hoping to buy pandesal but I saw this large "monay" and I said to the tindera "Miss magkano ang hot monay mo?" My friend suddenly laughed and so did the tindera. I repeated it saying "Yan monay mo nga miss kung magkano and bibilhin ko." They again laughed and I was left wondering why.
Then on our way back with my "hot monay" I asked my friend why did they laughed at the bakery. Then my friend said that "monay" also means the female's organ in their dialect. "
Now it explains why the shape.