The Ramon Magsaysay Award is an annual award established to perpetuate former Philippine President Ramon Magsaysay's example of integrity in governance, courageous service to the people, and pragmatic idealism within a democratic society. 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. It is often called the "Nobel Prize of Asia".

Ramon del Fierro Magsaysay was a Filipino statesman who served as the seventh President of the Philippines, from December 30, 1953, until his death in an aircraft disaster on March 17, 1957. An automobile mechanic by profession, Magsaysay was appointed military governor of Zambales after his outstanding service as a guerrilla leader during the Pacific War. He then served two terms as Liberal Party congressman for Zambales's at-large district before being appointed Secretary of National Defense by President Elpidio Quirino. He was elected president under the banner of the Nacionalista Party. He was the youngest to be elected as president, and second youngest to be president. He was the first Philippine president born in the 20th century and the first to be born after the Spanish colonial era.