Hi! Any suggestions on how I can mimic Bagoong (fermented shrimp paste). What should i use? Fondant? Royal icing? Need your help and suggestions. Thanks!!!

For the liquid you could use piping gel. For the rest, maybe fondant and texture it with a new, unused toothbrush, and various other fondant tools. Then to make it look wet, either cover it with the piping gel or steam it. You might want to practice first.

I'm thinking that texturing a pile of fondant and then pouring tinted corn syrup over it would look good- more realistic and oil-like than piping gel imho (but messier).

I would think tinted buttercream (medium consistency) would work best for the pile. The paste in your picture has the consistency of buttercream more than fondant. I am not sure what tip you would use.