Philippine Declaration of Independence
Following the end of World War II, the United States granted independence to the Philippines on 4 July 1946 via the Treaty of Manila. July 4 was observed in the Philippines as "Independence Day" until August 4, 1964 when, upon the advice of historians and the urging of nationalists, President Diosdado Macapagal signed into law Republic Act No. 4166 designating June 12 as the country's "Independence Day". June 12 had previously been observed as "Flag Day" and many government buildings are urged to display the Philippine Flag in their offices.
Treaty of Manila (1946)
The Commonwealth ended when the U.S. recognized Philippine independence through the Treaty of Manila on July 4, 1946, as scheduled per the Tyding-McDuffie Act and Article XVIII of the 1935 Constitution. However, the economy remained dependent on the U.S. This was due to the Bell Trade Act, otherwise known as the Philippine Trade Act, which was a precondition for receiving war rehabilitation grants from the United States.