1986 Palanca Awards

English division

• First Prize: “Merlie” by Jose Y. Dalisay Jr.
• Second Prize: “The Other Side” by Jose Y. Dalisay Jr.
• Third Prize: “The Judge” by Cesar Felipe Bacani Jr.

• First Prize: “Portraits, Tributes, Protestations, Protests” by Mariano Kilates
• Second Prize: “Poet's Dozen” by Eli Ang Barroso
• Third Prize: “Between Places” by Ma. Fatima V. Lim; and “Disclosures” by Ma. Luisa A. Igloria

• First Prize: “Dateline Manila: A Foreign Journalist's Odyssey” by Wilma Vitug
• Second Prize: “Revolt of Spectacles” by Herminio Beltran Jr.
• Third Prize: “The Men and Women in Bilibid” by Constantino Tejero

• First Prize: No winner
• Second Prize: No winner
• Third Prize: “Airport on Mactan Island” by Leoncio P. Deriada
• Special Mention: “Celadon” by Ametta Suarez-Taguchi

• First Prize: “Balaring” by Ametta Suarez-Taguchi
• Second Prize: “Aria or Madame Macro's Massive Pentimiento” by Ed delos Santos Cabagnot
• Third Prize: “Lapulapu of Mactan” by Mig Alvarez Enriquez

  Filipino division

• First Prize: “Ang Damo sa Fort Bonifacio” by Cyrus P. Borja
• Second Prize: “Syeyring” by Jun Cruz Reyes
• Third Prize: “Talahib” by Edgardo B. Maranan

• First Prize: “Panahon ng Pagpuksa at Iba pang Pakikidigma” by Teo Antonio
• Second Prize: “Mga Himaymay ng Paglalamay” by Ariel Dim. Borlongan
• Third Prize: “Syeyring at iba pang Tula” by Jun Cruz Reyes

• First Prize: “Si Edgardo M. Reyes: Ang Manunulat, Kanyang Akda at Panahon” by Rogelio Mangahas
• Second Prize: “Ang Tiyanak sa Landas ni Rio Alma” by Fidel Rillo, Jr.
• Third Prize: “Ilang Talang Luma Buhat sa Talaarawan ng Isang May Nunal sa Talampakan” by Jun Cruz Reyes

• First Prize: “Ang mga Tattoo ni Emmanuel Resureccion” by Reynaldo A. Duque
• Second Prize: “Haplos ng Dahas” by Roberto Jose De Guzman
• Third Prize: “Alimuom” by Reuel Molina Aguila; and “Sa Huling Gabi ng Palabas” by Rolando Dela Cruz

• First Prize: “Bayan Mo” by Bienvenido Noriega Jr.
• Second Prize: “Juan dela Cruz, New York City” by Lito Casaje
• Third Prize: “Ang Hepe” by Rene O. Villanueva