Balatan, located along the west coast facing Ragay Gulf, was once a Sitio called Siramag before 1951. It is now the town center of the municipality. There are two folk stories on how Siramag got its name. One tells of how the locals would watch the sea at night and were fascinated by a school of small fish that glowed, leading them to call it “Sirang nag aalag,” meaning “the fish that shines.” Over time, it was shortened to “Sira-mag.” Another version refers to the abundance of fish, some of which could not be consumed in one or two days, so they were dried and sold. The buyers often remarked, “Sirang may alamang” (the fish has mold).

Siramag was also known as Balatan by the upland barangays and outsiders. When Balatan became a separate municipality, the Barangay considered which Saint to adopt as their patron. After much debate, they decided to consult the Parish Priest, who sought guidance from the Archdiocese of Caceres. San Lorenzo Ruiz, the first Filipino Saint, was chosen for his unwavering faith despite persecution. His feast day is celebrated every 28th of September, and the first Barangay Fiesta was held on September 27–28, 1990.

While the barangay celebrates its own fiesta, it also participates in the annual town fiesta on February 17–18, in honor of Our Lady of Perpetual Help.