It's a friendly and casual greeting, similar to "Hey, man" or "What's up, dude?" in English.
Here's a breakdown of the words:
* Hoy: This is a common exclamation used to get someone's attention, similar to "Hey" or "Yo."
* Paloy: This is a slang term for "friend," "buddy," or "mate."
So, "Hoy paloy" is a friendly greeting used between friends.