The main purpose of this study is to find out if the Three-party System as envisioned in the then “New Constitution” would work out well in the Philippines; the development of Philippine political parties; the sad experience of third political parties under the old Constitution and the evils brought about by the existence of an artificial two-party system in the country. This study will also acquaint the reader with the different political systems of the major countries of the world, with special emphasis to their political party systems.