Although Magdangal did not attend the premiere night due to her commitment to her concert tour in the United States, the film was commercially successful.

[3][4][5][6] On its opening day, Kung Ikaw Ay Isang Panaginip registered the highest box office receipts compared to its competitions.

It is a far cry from those usual small-budgeted run-of-the-mill Tagalog pictures that are downright stupid and assault the sensibilities of the viewers... Kung Ikaw ay Isang Panaginip is cute, fun and perky.

Despite this, Magdangal's pairing with Rosell and Munoz in Kung Ikaw Ay Isang Panaginip received positive feedbacks from moviegoers.

[10] Note: Panaginip was later included in Magdangal's compilation album Jolina: Platinum Hits Collection released on 2002 by Star Music.