Festivals are cultural events organized to commemorate the history and heritage of a locality. It brings people together in celebration of life and achievements. The holding of festivals brings both positive and negative impacts on the social, economic, cultural, and environmental aspects of a community, thereby making it necessary to evaluate this event for the sustainability and best benefits for the local residents. In this regard, the study would like to find out the socio-economic, cultural, and environmental impacts of the Balamban Festival of Santiago City. The study made use of the descriptive research design to find out the perceived impacts of the festival on their lives. Interviews, observations, and questionnaires were used to gather data from the residents/spectators of 4 barangays greatly affected by the Festival and 18 employees/organizers assigned to supervise the event. Results showed that both types of respondents perceived that positive impacts are beneficial in the four areas (social, economic, cultural, and environmental) are advantageous to the community and that negative impacts are a moderately serious matter to warrant attention from the local government and the residents. It is also found out that there are no significant differences in their perceptions on the impacts of the Balamban festivals when grouped according to their age, gender, civil status, and educational attainment. It is thus recommended that post-festival evaluation be done regularly and preventive measures for negative impacts be considered during the planning of the Balamban festival.