Since 2007, the Academy started holding simple awards ceremonies due to lack of government funding and reduction of its share from MMFF earnings.

Goyo: Ang Batang Heneral Mindanao In 1981, the Executive Order 640-A was passed by then President Ferdinand Marcos.

Romeo Cando and Baltazar dela Cruz won the prize of ₱5000 for naming it.

It is also can be reflected in the idiom "shoot for the moon" which means to aspire for the seemingly unreachable because winning a Luna Award is something difficult to achieve.

[6] Luna is a long-haired woman with a flowing dress which represents the muse of arts.

She holds a wreath and stands on twelve circular steps that represent all of the guilds of the academy.

[7] For a film to eligible, it should be released and have a commercial run for at least three days from January 1 to December 31 of the previous year.

The voting process of Luna Awards was formulated by the academy with the help of Asian Institute of Management (AIM).