Plaza Libertad or the Plaza Alfonzo XII, a king of Spain was constructed during the early 1800s and is considered as one of the oldest plazas in the Philippines. Located on a 1.15 hectares of land, the plaza is said to have hosted the first raising of the Philippine flag after the Spaniards surrendered Iloilo to the revolutionaries led by General Martin Delgado in December 25, 1898.
Plaza Libertad is part of a classic Spanish-era pueblo where the San Jose Church, the Iloilo City Hall, several other business establishments buildings are erected around it.
Adjacent it is the Edificio de Elizalde y Compania that now hosts the Museum of Philippine Economic History.
The plaza was eventually declared a National Historical Landmark on November 17, 2003.