The award is regarded as the Nobel Peace Prize in Asia and was named after the former Philippine president Ramon Magsaysay, who died on a plane crash last 1957.
Ang parangal ay itinuturing bilang Nobel Peace Prize sa Asya at ipinangalan sa dating pangulo ng Pilipinas na si Ramon Magsaysay, na namatay sa isang bumagsak na eroplano noong 1957.