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The Feast of the Three Kings (los Reyes Magos) is celebrated with parades and presents in Spanish-speaking countries on the eve and day of the Epiphany.
The festivity commemorates the visit paid to baby Jesus by the three Magi Melchior, Caspar and Balthasar. A parade on the 5th of January announces the arrival of the Three Kings.
See also the more international Epiphany