On 11 September 1946, the U.S. transferred to the Philippines surplus military equipment worth $1,121,400,000. It included vehicles, construction equipment, clothing, medicines, prefabricated structures (aircraft hangars, etc.), construction materials and foodstuffs.

The United States and the Philippines had previously concluded a Treaty of General Relations, under which the United States guaranteed the Philippines full independence; however, it stated that the military and naval bases in the Philippines would remain under US control until the conclusion of a new treaty on their status. In addition, under the agreement, the Philippines assumed all debts and obligations of the former American colonial administration.

The transfer of property didn’t help much - with independence, the Filipinos lost their US citizenship, and veterans lost their US war pensions and benefits. These benefits were returned to only 15,000 Filipino veterans in 2009, while according to the American Congresswoman Jackie Speier, about 50,000 people were eligible for these benefits. 

Source: Tarling, Nicholas (2000). "From World War II to the Present". The Cambridge History of Southeast Asia. Cambridge University Press.