Berdugo (1982)

Based on a comic strip, an escaped convict (Ace Vergel) finds a mystical double-axe and executioner's costume, including black hood, pants and boots. He pretends to be a hunchback (the hump on his back is really the backpack containing his Berdugo outfit and double-axe with handle that magically retracts and extends) who fights goons, criminals, and even supernatural creatures like aswang.