In 1955, the University of the Philippines established the Institute of Asian Studies, and mandated it to conduct research for the promotion and advancement of studies on Asia. In 1968, this Institute was formally reorganized through Republic Act 5334 to become the Asian Center. For a brief interlude (1973 to 1979), the Center was absorbed by the Philippine Center for Advanced Studies, but reverted to its original status through a Board of Regents decision at its 919th meeting.

RA 5334 enabled the Center to become a degree-granting institution while continuing to perform research functions. Among its purposes were to develop closer and broader contact with Asian peoples in the field of learning and scholarship, and to attain knowledge of Filipino national identity in relation to other nations through studies on various aspects of Asia. The Asian Center thus promotes initiatives to understand the Philippines in its broader Asian context, and to understand Asia from the Philippine vantage point.

The Asian Center trains country and area specialists through its degree programs in Asian and Philippine Studies. By producing a core of country and area specialists, the Asian Center hopes to serve the needs of government personnel and private sector entrepreneurs and managers, in the process engaging the nation in the discourse of the community of nations. Reinforcing the degree programs, the Center designs and implements short-term educational and training packages for public and private sector clients.