You can see them in many places in the country. Usually hand carved wood figures of buxom lasses painted in pastel colours hand raised in a wai gesture.
The tree is a (Ficus Religiosa) much revered and used as backdrop to local shrines. I suspect that, in this case, someone has donated the figure and the tree has been wrapped in multicolour garlands over the years concealing the figure. The tree has grown around her and been 'discovered when the site was tidied up. The figure is very lifelike and quality like that is not seen anymore.