Woodlot (muyong) associated with the rice terraces of Ifugao are continuously exposed to environmental disturbances and economic pressures. There is a need to document the current status of these forest patches so that appropriate conservation measures can be made. This study aimed to document the contemporary perceptions of muyong owners towards forest resource management using a case study of Brgy. Kinakin, Banaue, Ifugao. Information about function, plant composition, soil fertility, current problems and protection measures were gathered using semi-structured questionnaires. Results showed that owners associate their muyong with its economic functions as resource zone for their households and as water and nutrient recharge zone for their rice terraces. In terms of plant composition, owners enumerated 30 local names and each tree is associated with specific uses. Moreover, knowledge on soil fertility was associated with nutrient enrichment by the vegetation. The following concerns were perceived as problems by the owners: declining number of large diameter trees, lack of manpower, and stealing of wood. Lastly, owners mentioned three existing activities that should be sustained in order to protect the muyong, namely: regularity of visit, cleaning and trimming of understory plants and, tree planting especially after every tree cutting.