Two best friends from Iloilo, Pearl and Jonathan, arrive in Manila to study at an Arts Academy, each carrying their own hopes and a quiet tension: Jonathan secretly harbors romantic feelings for Pearl. Upon enrolling, a clique led by Mimi and her right-hand associate Eva takes an interest in them. Mimi is a pretty, rich, and popular girl who gets her way by bullying others. The clique also includes basketball star Joshua, film and photography major Jowee, and delinquent frontman Hector. The initial spark of friendship with the clique comes through academic favors, but Pearl quickly sees their deception, and Pearl pulls away while Jonathan joins a prominent fraternity. Soon after, the two drift apart, caught between growing ambitions and a hidden ache.
As the campus hum becomes unsettled, paranormal occurrences creep in. Pearl experiences visions of a woman in white singing a haunting folk lullaby, and she and Jonathan hear the legend of the White Lady said to haunt the school grounds. Jonathan reconnects with Pepo, who is building a new storage shed; Pepo reveals that the original shed burned down and mentions seeing a vision of the same woman at the site. The next day, Pearl meets Tasya, a kindhearted Guimaras-born elderly woman living inside the campus. Tasya shares the story of her granddaughter Christina, a simple girl who was reportedly driven into hiding by Mimi's pompousness. Pearl immediately feels a kinship with Christina, since both girls have endured Mimi’s scorn. Throughout the film, Tasya speaks with Christina, whose face is not shown until the climax.
The haunting deepens when Pearl lands the lead role in a school play, fueling Mimi’s jealousy and ire as she had hoped for the part herself. A budding romance begins to blossom between Pearl and Robbie, the rich, athletic, and most popular guy in school, whom Mimi also desires.
Flashbacks reveal Christina’s story. Robbie befriends her after rescuing her from Mimi’s gang. The pair’s romance faces pressure from Robbie’s father, who tries to force him to choose Mimi. The gang’s cruelty intensifies toward Christina, and she is eventually imprisoned by the gang in a storage shed. Mimi drugs a janitor to silent him and Robbie, and, under Mimi’s influence, Robbie murders Christina by setting the shed on fire.
A series of intense ghostly appearances follow as the White Lady exacts her wrath. Each clique member meets a fate—either a fatal end or a devastating mutilation—through the spectral torment.
During a Halloween feast, Pearl learns that her mother has leukemia and confides to Robbie that she plans to return to Iloilo. Robbie grows obsessive and disoriented after seeing Christina’s vision on his cellphone. Pearl escapes to a gypsy tent, where she encounters a vision that relives Christina’s final moments and learns of Robbie’s crime, prompting her to pull away.
Robbie blindsides Pearl by capturing her and dragging her to the storage shed. Jonathan witnesses the ordeal but is subdued by Robbie. To silence them all, Robbie sets the shed on fire and flees on a motorcycle. The White Lady—now revealed to be Christina—appears and triggers Robbie’s downfall, guiding him to crash at a carillon where bells play the lullaby, and Christina causes him to fall to his death. Pearl and Jonathan survive and escape the shed fire unharmed, aided by Christina’s soul diverting the flames. Later, Christina walks toward a light in an empty field, a sign of passage to Heaven.
Sometime later, Pearl returns to Iloilo and visits Tasya, learning that her mother has died. Tasya explains that she sees Christina’s soul depart for the afterlife in peace, and Pearl vows to care for one another despite their losses. As the two comfort each other, Christina’s lullaby returns, sung by Christina’s own voice, echoing through the memory of those left behind.
