Box office Although Magdangal did not attend the premiere night due to her commitment to her concert tour in the United States, the film was commercially successful. On its opening day,
Kung Ikaw Ay Isang Panaginip registered the highest box office receipts compared to its competitions. For the box office success of the film, Magdangal received the citation Princess of Philippine Movies in the
33rd Box Office Entertainment Awards.
Critical response The film received positive reviews from moviegoers and film critics with Butch Francisco of the
Philippine Star saying "
Kung Ikaw ay Isang Panaginip... is a fun movie to watch. Call it baduy if you wish, but we cannot close our eyes to the fact that it is a decently-made movie ... it is a very small movie with an obviously tight budget but I do appreciate the fact that it is inventive, creative and very energetic – with its every scene well-planned and well-thought of... It is a far cry from those usual small-budgeted run-of-the-mill Tagalog pictures that are downright stupid and assault the sensibilities of the viewers...
Kung Ikaw ay Isang Panaginip is cute, fun and perky. More importantly, it stresses old positive values and traits that are so sorely lacking in most of our films today." The film also marks Magdangal's first film without her long time screen partner
Marvin Agustin, of which the team up has produced successful films in the past in
FLAMES: The Movie (1997),
Kung Ayaw Mo, Huwag Mo! (1998),
Labs Kita... Okey Ka Lang? (1998),
GIMIK: The Reunion and
Hey Babe! (both 1999). Despite this, Magdangal's pairing with Rosell and Munoz in
Kung Ikaw Ay Isang Panaginip received positive feedbacks from moviegoers. ==Soundtrack==