This is the more poetic, almost-archaic cousin of "baka" (maybe). You wouldn't use this when texting your friend "Baka malate ako." You'd use it in a dramatic monologue or a heartfelt "kundiman." It's the "perhaps" you use when pondering life's great mysteries. "Kaypala'y magkita tayong muli sa ilalim ng buwan." See? Instant drama.