According to Aguinaldo, writing in 1899, the principal conditions of the pact were:
That I would, and any of my associates who desired to go with me, be free to live in any foreign country. Having fixed upon Hong Kong as my place of residence, it was agreed that payment of the indemnity of $MXN800,000 should be made in three installments, namely, $MXN400,000 when all the arms in Biak-na-bató were delivered to the Spanish authorities; $MXN200,000 when the arms surrendered amounted to eight hundred stand; the final payment to be made when one thousand stand of arms shall have been handed over to the authorities and the Te Deum sung in the Cathedral in Manila as thanksgiving for the restoration of peace. The latter part of February was fixed as the limit of time wherein the surrender of arms should be completed.
The whole of the money was to be paid to me personally, leaving the disposal of the money to my discretion and knowledge of the understanding with my associates and other insurgents.
Prior to evacuating Biak-na-bató the remainder of the insurgent forces under Captain-General Primo de Rivera should send to Biak-na-bató two General of the Spanish Army to be held as hostages by my associates who remained there until I and a few of my compatriots arrived in Hong Kong and the first installment of the money payment was paid to me.
It was also agreed that the religious corporations in the Philippines be expelled and an autonomous system of government, political and administrative, be established, though by special request of General Primo de Rivera these conditions were not insisted on in the drawing up of the Treaty, the General contending that such concessions would subject the Spanish Government to severe criticism and even ridicule. According to historian Teodoro Agoncillo, the pact was made up of three documents which together came to be known as the Truce of Biak-na-Bató and which provided, among other things:
That Aguinaldo and his companions would go into voluntary exile abroad.
That Governor-General Primo de Rivera would pay the sum of $MXN800,000 to the rebels in three installments:
That Primo de Rivera would pay the additional sum of $MXN900,000 to the families of the non-combatant Filipinos who suffered during the armed conflict.
According to historian Sonia M. Zaide, the agreement consisted of three parts:
A document called "Program", generally as described by Agoncillo.
A document called "Act of Agreement" which reiterated parts of the "Program" document and hinted at the desire of the Filipinos for reforms but contained no definite agreement by Spain to grant such reforms.
A third document which discussed the question of indemnity, specifying that Spain would pay a total of $1,700,000— $MXN800,000 as above plus $MXN900,000 to be distributed among the civilian population as compensation for the ravages of war.
Results
In accordance with the first part of the pact, Aguinaldo and twenty five other top officials of the revolution were banished to Hong Kong with $MXN400,000 in their possession. The rest of the men received $MXN200,000, but the third installment was never received. General amnesty was never declared because sporadic skirmishes continued.
