A spider has eight legs so it is an arachnid, not an insect which has only six legs.
This is the strangest creature I have ever seen, and although the legs are not clearly seen, I'm quite sure it's a spider.
Since spiders (especially the more exotic ones such as this) are not my thing, I consulted a few people over at Yahoo! Ask, and almost everyone agreed that it's a spider and not an insect.
My classmate, Ruel an experienced spider derby enthusiast when he was a kid, had an Ilonng name for this one. It slipped my mind, but it's something like Haring Damang or King Spider.