 It consists of a diploma, a medal, and , which are presented at La Chascona house museum in Santiago.The creation of the Pablo Neruda Award was announced in July 1987 as part of the commemoration of the 83rd anniversary of the poet's birth.When announcing it, the Pablo Neruda Foundation stipulated that it would be granted annually to a Chilean writer, less than 40 years old, initially endowed with $3,000.