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Source: Palanca Awards

The Don Carlos Palanca Memorial Awards for Literature, popularly known as the Palanca Awards, are a set of literary awards for Philippine writers. Usually referred to as the "Pulitzer Prize of the Philippines," it is the country's highest literary honor in terms of prestige. It was named after Carlos Palanca Sr., the Chinese Filipino businessman and philanthropist.
The literary competition began with a long-term vision straddling two complementary tracks: to provide incentives for Filipino writers to craft the best literary pieces, and to be a treasury to the country's literary gems. Winning works are entered in the competition either as previously published pieces or in manuscript form. The Palanca Awards, organized by the Carlos Palanca Foundation, is one of the Philippines' longest-running awards programs. 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.