Carlos Palanca was a prominent Filipino businessman and philanthropist, best known for founding the Carlos Palanca Memorial Awards for Literature. Established in 1950, these awards aim to recognize and promote literary excellence in the Philippines. They have become one of the most prestigious literary awards in the country, celebrating various forms of writing, including poetry, short stories, and essays. In addition to his contributions to literature, Palanca was also involved in various business ventures. His legacy continues to influence Filipino culture and the arts, inspiring new generations of writers and artists to pursue their craft and share their stories.