[1][2] The prize was established in April 1957 by the trustees of the Rockefeller Brothers Fund based in New York City with the concurrence of the Philippine government.

This has generated criticism[7] due to allegations of brutal suppression of dissent and subserviency to the US government during Magsaysay's tenure as defense secretary and president.

[citation needed] The award recognizes and honors individuals and organizations in Asia regardless of race, creed, sex, or nationality, who have achieved distinction in their respective fields and have helped others generously without anticipating public recognition.

To recognize outstanding service in the public interest in any branch of government, including the executive, judicial, legislative, or military.

To recognize effective writing, publishing, or photography or the use of radio, television, cinema, or the performing arts as a power for the public good.