Liwayway, previously named Foto News, was established in 1922 by the Ramon Roces Publishing Company and considered the "longest running magazine". It served as the primary literary outlet for Tagalog writers during the early 20's. The publication was instrumental in the flourishing of Tagalog literary Movements pioneered by Severino Reyes. Significant works of known writers like Edgardo M. Reyes, Efren Abueg, Rogelio Ordonez, Dominador Mirasol and Rogelio Sicat were first recognized in Liwayway's Literary Contests. The paper was the home of well-known comics series such as Mga Kuwento ni Lola Basyang, which came out May 25, 1925, and Kenkoy born in 1929.

At present Liwayway magazine is produced every Monday by Liwayway Publishing Inc. with its publisher Joaquin R. Roces. The publishing company is also the producer of other publications such as Balita, Balita sa Hapon, Bannawag, Bisaya and Hiligaynon.