Spain gave up Guam, Puerto Rico, its possessions in the West Indies, and the Philippines in exchange for a U.S. payment of $20 million.After the U.S. declared war on Spain, Aguinaldo saw a possibility that the Philippines might achieve its independence; the U.S. hoped instead that Aguinaldo would lend his troops to its effort against Spain.He returned to Manila on May 19, 1898 and declared Philippine independence on June 12.Revolutionary leader Emilio Aguinaldo was born on March 22, 1869, in Kawit, Cavite, Philippines. In 1898, he achieved independence of the Philippines from Spain and was elected the first president of the new republic under the Malolos Congress.