Begin by preheating your sizzling plates in a 350°F (175°C) oven. While plates heat, carefully peel the cooked balut, keeping the yolk and embryo intact. Place all-purpose flour (harina) in a shallow plate for dredging.
Heat canola oil (mantika) in a pan over medium heat (350°F/175°C). Test the temperature by dropping a small piece of flour – it should sizzle immediately. Gently coat each balut in flour and fry until golden brown, about 2-3 minutes per side. Remove and drain on paper towels.
For the sauce, remove excess oil from the pan, leaving about 1 tablespoon. Over medium heat, sauté chopped shallots (sibuyas tagalog) for 1 minute. Add minced garlic (bawang) and ginger (luya) and cook for 30 seconds, then add minced Thai chili peppers (siling pangsigang) and chopped bell pepper. Cook for 2 minutes.
In a bowl, combine soy sauce (toyo), oyster sauce (sauce ng talaba), and water (tubig). Pour into the pan and bring to a boil. Add the fried balut, coating well with sauce. Transfer everything to the preheated sizzling plates, garnish with chopped green onions (dahon ng sibuyas), and serve immediately while sizzling.
For best results, serve as pulutan (appetizer) with ice-cold beer or with garlic rice (sinangag) for a complete meal. Offer spiced vinegar (suka) on the side if desired.