The goal of this study was to examine these two values (utang na loob and gratitude) in terms of how they are understood by Filipinos and how they are manifested in the hope of delineating meanings and establishing links between the two construct. Using qualitative responses of Filipino respondents regarding their conception of utang na loob and gratitude, the following descriptions were identified: pagkilala (acknowledgement), pagtutumbas (reciprocity), and panlipunang gampanin (social responsibility) as conceptual meanings for utang na loob; and pasasalamat (thankfulness) and pagtutumbas (reciprocity) for gratitude. Reciprocity being found to be shared by two concepts was also analyzed and contextualized.