HERO Foundation was instituted in 1988. As there was a growing and continuing requirement to help the families of fallen soldiers, they approached a group of distinguished leaders of business and industry of the country and appealed for help. Among the well-respected businessmen who responded to the call were Don Jaime Zobel de Ayala, Henry Sy, Sr., Washington SyCip, Patricio Lim, and Raul Concepcion. The business group then established HERO Foundation, Inc.

HERO stands for Help Educate and Rear Orphans. The Foundation was registered on August 24, 1988 with the Security and Exchange Commission as a non-stock, not-for-profit organization.

Today, the Armed Forces of the Philippines (AFP), through the AFP-Educational Benefit System Office (AFP-EBSO), rely on HERO Foundation, Inc. for supplemental financial support for the AFP orphans. The support come in the form of stipends that are directly given to the families to help them with the cost of books, uniform, meals, transportation, school supplies and sometimes, even their tuition fees.