This article covers the history of the Philippines from the recognition of independence in 1946 to the end of the presidency of Diosdado Macapagal, which covered much of the Third Republic of the Philippines which ended on January 17, 1973 with the ratification of the 1973 Constitution of the Republic of the Philippines.

On July 4, 1946, representatives of the United States of America and of the Republic of the Philippines signed a Treaty of General Relations between the two governments. The treaty provided for the recognition of the independence of the Republic of the Philippines as of July 4, 1946, and the relinquishment of American sovereignty over the Philippine Islands.

The U.S. retained dozens of military bases, including a few major ones. In addition, independence was qualified by legislation passed by the U.S. Congress. For example, the Bell Trade Act provided a mechanism whereby U.S. import quotas might be established on Philippine articles which "are coming, or are likely to come, into substantial competition with like articles the product of the United States". It further required U.S. citizens and corporations be granted equal access to Philippine minerals, forests, and other natural resources. In hearings before the Senate Committee on Finance, Assistant Secretary of State for Economic Affairs William L. Clayton described the law as "clearly inconsistent with the basic foreign economic policy of this country" and "clearly inconsistent with our promise to grant the Philippines genuine independence."

The Philippine government had little choice but to accept these terms for independence. The U.S. Congress was threatening to withhold post-World War II rebuilding funds unless the Bell Act was ratified. The Philippine Congress obliged on July 2, 1946.

The Philippines currently celebrates its Independence Day on June 12, the anniversary of Emilio Aguinaldo's declaration of independence from Spain in 1898. The declaration was not recognised by the United States which, after defeating the Spanish in the Battle of Manila Bay in May that year, acquired the Philippine Islands via the Treaty of Paris that ended the Spanish–American War.

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