At that time in Maughold parish records Looney was usually recorded as Lowny.
The closest bapt to your date is Robert son of William Lowny, bapt 16 Sep 1698.
I'm pretty sure he has been discussed before on the BB. Did you do a "Search" for past messages? - Just had a look, and there are many, including one I wrote in reply to someone in 2008:

By:Sue
Date: 21/3/2008, 12:03 pm In Response To: Robert Looney 1734 to America (Debby Swanson)
Debby, I have looked up Maughold records for this couple several times before.
In 2006 I wrote:
This topic has been brought up several times on this board and the FHS one since at least 2000.
There is no evidence in the Maughold parish registers that Robert Looney or the Lowny family (as Looney was spelt at the time) was from Ballagilley, or that Robert was from Maughold. Land records have a sale of the Corony by a Christopher Lowny in the mid-1600s, but nothing about Lowny/Looney in Ballagilley pre-1700 that I have seen, which could have applied to Robert's family.

The best listings of actual records (as opposed to rumour) that I have seen are at:
www.looneybook.com/id50.htm.

They write:
"The objective of this search is to locate information about Robert (1) Looney, who traditionally married Elizabet Llewellyn. It is claimed that Robert's family came from the Isle of Man. Robert probably was born between 1692-1702 and possibly married about 1715.
Traditionally, it is said that Robert (1) Looney come from Ballagilley, Maughold Parish. The questions that will be addressed are:
1) What records are available
2) Who were some of the Lowneys/Looneys mentioned in the records
3) Were there any Looneys at Ballagilley?
4) Can it be determined if Robert (1) Looney was from Maughold Parish?

This is followed by numerous transcripts, including Clive's, and the answer to 4) is no.
They write "Thousands of hours have been spent by researchers trying to locate Robert's date of birth/baptism and marriage, all without success".

However they don't appear to have looked at the two Maughold John Looney wills at that time:
LOONY, John 1699 Mau A w 0106207
LOONEY, John 1728-1 Mau E w 0106372

The USA Robert Looney details are at: www.looneybook.com/id20.htm
and at home.flash.net/~johnsonl/p7_1_5.htm.
The 'Looney of Ballagilley' appears to have originated in an article of that name, by Ed Sayle, in the Spring 1974 magazine of the North American Manx Association, and has since been stated as fact in numerous USA online trees, histories, and genealogies.
Typical is "The Seven branches of the Looney family founded by the sons of Robert Looney of Ballagilley, now extend to fifteen of the United States..."
and
"Little did Robert Looney, a Manx farmer from Ballagilley, Maughold, Ireland realize when he arrived in the New World about 1731, that he and his descendants ..."

As someone wrote on Rootsweb "The early writers on the Looneys seem to be careful NOT to state that Robert Looney was born at Ballagilley (or even on the Isle of Man)".

Please see the thread:
www.isle-of-man.com/cgi-bin/interests/genealogy/bulletin/index.pl?noframes;read=509379 for other information.

I suggest you look at the 1728 Looney will (above) at a LDS Family History Centre, on the film number given, to see whether it gives supporting evidence, because up until now there is none whatsoever that shows Robert Looney's origin in the IoM. Frances has checked the 1699 Looney will I noted without finding a son Robert mentioned.

Since I wrote this Averil has done a lot of work on the Looney family, and may prove me wrong. She has found Looneys at Ballagilley during the 1700s, but I don't think she has found them there early enough for your Robert. He doesn't appear on the Maughold parish register. Averil's Ballagilley family (late 1700s) came from Crow Creen, Maughold.

Sue