Chinese New Year is considered to be the most important festival for the Chinese community in the Philippines. It is celebrated in the Philippines as a special non-working holiday. Filipino-Chinese communities in the Philippines celebrate Chinese New Year every year in hope of attracting prosperity, closer family ties and peace.

In the Philippines, there are only two kinds of holidays: regular holidays, and special non-working holidays.

Regular holidays, are those that usually have a fixed date, such as New Year's Day, Independence Day, and Christmas Day.

Special Holidays, on the other hand, are more flexible. Apart from being enacted by Congress, they can also be declared by the President of the Philippines.