It is considered the site where the flag of the first Philippine Republic was raised in triumph after Spain surrendered Iloilo, the last Spanish capital in Asia and the Pacific, to the revolutionary forces led by Gen. Martin Delgado on December 25, 1898.

[2] On Christmas Day of 1898, Governor-General Diego de los Ríos of Spain surrendered to the Filipino revolutionary troops led by General Martin Delgado in the Plaza, thus ending the 333-year-old Spanish colonization of the Philippines.

After which, the triumphant revolutionaries for the first time raised the flag of the First Philippine Republic in Iloilo City, the last bastion of Spanish power in the country.

On February 4, 2021, the rehabilitation of the plaza started with a cost of ₱19 million, funded by the national government through the Tourism Infrastructure and Enterprise Zone Authority (TIEZA) of the Department of Tourism.

The rehab includes trimming of trees, landscaping, improvement of facilities, and lighting, among others.