Palanca was born named with Hokkien Chinese: 陳迎來; Pe̍h-ōe-jī: Tân Gêng-lâi[1] (later romanized as "Tan Guin Lay" or "Tan Guing-lay" in Spanish Philippines) in 1869 in Amoy (now Xiamen), Fukien, Qing China.

[2] He established the La Tondeña Incorporada in Tondo, Manila a distillery which grew to be a major player in the Philippine alcoholic beverage industry.

[2] Palanca was one of the most prominent Chinese Filipino businessman during the American colonial era in the Philippines.

[2] In 1987, the heirs of Palanca entered La Tondeña in a joint venture with San Miguel Corporation (SMC).

La Tondeña was eventually absorbed by the SMC, and was renamed as Ginebra San Miguel in 2003.