This study assessed relations of parental efficacy, experience of stressful life events, and child externalizing behavior to Filipino mothers and fathers’ parental hostility and aggression. Orally-administered surveys were conducted with 117 mothers and 98 fathers for the first year of data collection, and again a year later with 107 mothers and 83 fathers. Path analyses showed that mothers’ report of child externalizing behavior predicted subsequent parental hostility and aggression. For fathers, child externalizing behavior and experience of stressful life events predicted parental hostility and aggression. Additionally, fathers’ parental efficacy was found to moderate the relationship between experience of stressful life events and parental hostility and aggression. Results suggest that child externalizing behavior and experience of stressful life events have direct relations to parental hostility and aggression, while parental efficacy has a moderating effect to it. The differences between the results for fathers and mothers are explained in the context of distinct parenting roles and parenting in the local context.