A new species of Hanging-Parrot or Colasisi, Loriculus, is described from a series of 23 specimens (19 males, 4 females) collected in the 1960s on Camiguin Island, Camiguin Province, Philippines, at elevations between 300 and 1350 m. The new species lacks sexual dimorphism in plumage coloration, which distinguishes it from all other members of the L. philippensis group and all other Loriculus. The overall color pattern of the new species appears most like females of L. p. worcesteri and L. p. apicalis but differs in plumage characteristics (the width and extension of the orange-scarlet crown patch, the amount and intensity of blue in the face and thighs, and the intensity of the blue in the tail above inner edges and the tail below). In addition, males of the new species are larger than males of nearby populations of L. philippensis, having significantly longer tails and wing chords. Nothing is known about the habits of the new species; however, the small size of the island of Camiguin, coupled with extensive deforestation, makes the status of the new species a significant conservation concern.