Incumbent Nacionalista President Ferdinand Marcos was reelected to a second term, defeating Liberal Sergio Osmeña Jr., senator and former Cebu City mayor.

Marcos was the last president in the entire electoral history of the Philippines who ran for and won a second term.

The office of the vice president was abolished in the new constitution but was reinstated in 1984, and an election for it was first held in 1986.

Due to rising unrest, Marcos declared martial law and suspended the current (1935) constitution in 1972.

Further plebiscites in July 1973 and 1977 extended Marcos's term, and a presidential election wouldn't be held again until 1981.