Free trade relations between the United States and the Philippines until 1954.
A P2:S1 fixed exchange rate between the Philippines and the United States, which could not be changed without the US President's approval.
Removal of currency transfer restrictions from the Philippines to the United States.
"Parity rights," which granted U.S. citizens and corporations rights to Philippine natural resources and public utilities like those of Philippine citizens.
Acceptance of the Bell Trade Act had been a condition of, and attached to, the implementation of the Tydings Rehabilitation Act-$620 million compensation for war damages.
Gave the US military an unhampered right to operate bases in Philippine territory for free for 99 years (amended in 1966 to 25 years, hence until 1991).
Clark Air Base alone to cover close to 540 sq. km. of land; that Olongapo would be under Subic Naval Base; and that US authority would also cover the "vicinity" of the bases.
Military Assistance Pact also created a Joint United States Military Advisory Group (JUSMAG) that would advise and train Philippine military personnel.