The bombing at Plaza Miranda unfolded during a campaign rally organized by the Liberal Party of the Philippines, set to highlight the opposition to the rule of President Ferdinand Marcos. As candidates gathered to deliver speeches, a bomb was detonated in the vicinity, resulting in chaos and widespread panic. Several prominent anti-Marcos figures were injured, significantly affecting their campaigns. Eyewitnesses described the scene, noting the confusion and fear that ensued immediately after the explosion. It was a calculated attack against political rivals, emblematic of the increasingly dangerous climate in Philippine politics during this era.

The explosion at the rally served as a turning point in the political landscape, amplifying fears among opposition groups. This violent incident underscored the lengths to which supporters of the Marcos regime were willing to go to suppress dissent and intimidate political adversaries. Moreover, it raised serious concerns regarding security and the general atmosphere of violence surrounding political activities in the Philippines. The attack galvanized the opposition and led to increased scrutiny of Marcos's governance as well as his tactics to maintain power.

In the aftermath of the bombing, public opinion regarding the Marcos administration began to shift, with many citizens starting to recognize the potential for violence as a method of political suppression. This event is often cited as a precursor to the widespread instability that would follow, culminating in the eventual declaration of martial law in the Philippines in 1972. The impact of the Plaza Miranda bombing resonated throughout the nation, influencing future political mobilization and resistance movements against the Marcos regime.