In 2010, Dr. Belinda A. Aquino, Professor Emeritus at the University of Hawaii- Manoa, donated US$5,000 to the Philippine Social Science Council (PSSC) to establish the Virginia A. Miralao (VAM) Fund. The Fund aims to honor the invaluable contributions of former PSSC Executive Director, Dr. Virginia A. Miralao, to the development of social sciences in the Philippines and her own sterling record of scholarship.

The Fund is intended to serve as an incentive for young social scientists to pursue original and meaningful research. In line with this, PSSC has established the VAM Excellence in Research Award, which shall provide a yearly cash prize for the best article in a social science journal/book written by a promising young scholar in the profession. The awardee shall be given a cash prize of PhP20,000.