[4] During the 1997 Asian financial crisis, Chinese-Filipino businessman Lucio Co, who owned the Alcorn Gold Resources Corporation (later renamed Cosco Capital, Inc.), initially focused on oil and mineral exploration and development.

[5] On September 8, 1998, Puregold Price Club was founded by Lucio Co and his wife Susan Co. Its first branch opened on December 12, 1998 as the anchor tenant of Liberty Center (now Mandala Park)[6] along Shaw Boulevard in Mandaluyong.

In the same year, Puregold also acquired the Parco supermarket chain in a deal valued at around ₱760 million from the Gant Group of Companies, which operates 19 outlets.

[10] In February 2013, global investment firm Capital Group Companies (CGC) bought 5.4% total outstanding stock of Puregold.

The festival is aimed to "uphold education as catalyst in a film medium, for present and future generations.