Usually referred to as the "Pulitzer Prize of the Philippines," it is the country's highest literary honor in terms of prestige.

Winning works are entered in the competition either as previously published pieces or in manuscript form.

[3] Among its winners include several National Artists for Literature, including Nick Joaquin, Edith L. Tiempo, Gemino H. Abad, Cirilo F. Bautista, F. Sionil Jose, NVM Gonzales, Bienvenido Lumbera, Amado V. Hernandez, and Virgilio Almario.

[4] It started giving out prizes in the Short Story (English) and Maikling Kwento (Filipino) in 1951.

[5] Since 1954, the awards night has been held on September 1, to commemorate the birthday of Carlos Palanca Sr. (although there have been changes of dates in the intervening years).