"The Phaungdawoo is home of 5 Buddha statues which were donated by King Alaung Sithu. The Pagoda was built with the aim to accommodate these Buddha images.
Then, in 1965, a miraculous event happened when, during the annual Festival, the statues with their celebration barge went down in Inle Lake due to a heavy storm. After the loss of the barge, four of the five statues were quickly found back in the shallow Inle Lake. However the fifth and smallest one was untraceable. When the four remaining statues were brought back to the Phaungdawoo temple of Ywama, they found the fifth statue already waiting for his companions, undamaged but covered with waterplants. Since this "Miracle" of the fifth Buddha returning on its own to the temple, the people of Ywama and its surroundings celebrate the annual Festival festivities with even more religious enthusiasm and sincere dedication. Since 1965 the fifth Buddha statue does not join the annual procession anymore, but remains in the temple as a guardian."