Makati Central Business District
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Makati Central Business District | |
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Central Business District | |
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UTC+8 (PST) | |
Area code | 2 |
Website | Make It Makati |
The Makati Central Business District (Makati CBD) is a financial and
Many of the skyscrapers in Metro Manila are in this area. The business district is also considered one of the most vibrant commercial districts in Southeast Asia. It contains the Ayala Center, one of the region's major shopping centers.
The financial district is managed by two groups—the Makati Commercial Estates Association (MaCEA)[1] and the Ayala Property Management Corporation (APMC).[2]
History
Pre-war period
Downtown
In 1851, Don José Bonifacio Roxas (a member of the
![](http://upload.wikimedia.org/wikipedia/commons/thumb/0/04/Landing_Fields_-_Philippines_-_Rizal_-_NARA_-_68161120.jpg/220px-Landing_Fields_-_Philippines_-_Rizal_-_NARA_-_68161120.jpg)
In 1901, the Americans declared the whole area south of the Pasig River, including the whole Hacienda San Pedro de Macati (
In the 1930s, the first airport in
The tracks of what is now the Philippine National Railways reached the town very early in the decade, which is located at the western portion of the downtown at present, with three stations serving commuters and residents.
Postwar period
After the destruction of
The multiple-lane Ayala Avenue was completed in 1958, which was once part of the runway of the first commercial airport in the country, Nielson Airport. The downtown was developed into high density residential and commercial areas according to specific zoning regulations.[6]
In the early 1960s,
The Makati Stock Exchange (MkSE) was established on May 27, 1963, with its trading area located along Ayala Avenue in downtown.[7] Although both the MSE (Manila Stock Exchange) and the MkSE traded the same stocks of the same companies, the bourses were separate stock exchanges for nearly 30 years until December 23, 1992, when both exchanges were unified to become the present-day Philippine Stock Exchange.
Downtown Makati has been the financial capital of the Philippines since the late 1960s, owing to congestion, relative lack of expansion area, higher land prices and taxes, and urban decay in Manila.[3] Makati Commercial Center was built in the 1960. The downtown district rapidly developed during the terms of town mayors Maximo Estrella and Jose Luciano, who encouraged the massive development of the town and welcomed foreign and local investors to what was tagged the nation's number one municipality at that time.
Martial Law era
![](http://upload.wikimedia.org/wikipedia/commons/thumb/1/14/Manila_December_1982-5.jpg/220px-Manila_December_1982-5.jpg)
In 1972, President Ferdinand Marcos imposed Martial law in the Philippines. The formal announcement of the proclamation was made in the evening of September 23.[8] Economic activity in the downtown was still ongoing, with Nemesio Yabut as town mayor, preparing the district for Makati's full integration as part of the new region of Metro Manila (officially the National Capital Region) and as a founding member of the Metropolitan Manila Commission, which it achieved with the commission's formal establishment on November 7, 1975, ending Makati's many years as a town under Rizal Province.
Following the assassination of Ninoy Aquino in 1983, the downtown area was one of the many places of rallies and mass demonstrations that were the basis of the People Power Revolution against the dictatorship of then-President Marcos in 1986.[6] It was that decade that witnessed the emergence of a so-called moderate opposition, with the Makati Business Club, against Marcos' ailing authoritarian regime.[6] Established in 1980, the MBC, a union of executives from business entities operating in the district, was then a voice of opposition to the dictatorship, and it was one of the leading organizers of what was then dubbed the Confetti Revolution, so-named due to the yellow confetti from torn phone directories thrown along Ayala Avenue from the buildings in the wide road, whenever the rallies would happen.
Late 1980s
After the death of Mayor Nemesio Yabut during the People Power Revolution, Corazon Aquino, Ninoy's widow and the country's first female president, appointed Jejomar Binay as the acting mayor of the town of Makati and was elected mayor in 1988. Having spent his childhood in the municipality and himself a veteran of the Confetti Revolution and of the opposition activities during the Marcos administration, his first term bore witness to the events of the coup d'état attempt in December 1989, which hit the district directly.
1990s
The country's first skyscrapers started to rise in the business district, including the Pacific Star Building, The Peak Tower, Pacific Plaza, and the Rufino Pacific Tower.
Republic Act 7854, passed by Congress in late December 1994 and signed into law by President
21st century
In the early 2000s, the downtown was a primary target of political rallies and terrorist attacks.
On May 17, 2000, at 5:02 p.m., Glorietta inside Ayala Center was bombed injuring 12 persons, mostly teenagers. According to local authorities, the homemade bomb was placed in front of a toilet beside a video arcade. It was said to be the precursor to the May 21, 2000 SM Megamall bombing and the December 30, 2000 Rizal Day bombings.
From August 2000 to January 2001, a wave of protests against the former president Joseph Estrada occurred in the district. The anti-Estrada protests in Makati focused on Ayala Avenue, which cuts from EDSA to Buendia (now Gil Puyat Avenue).[6]
In 2003, The Oakwood mutiny took place in the Oakwood Premier (now Ascott Makati), within the Glorietta complex, and on 2007, the Manila Peninsula siege took place at The Peninsula Manila. Both happened at the Makati CBD to call for former president Gloria Macapagal Arroyo to step down.
The 2007 Glorietta explosion ripped through Glorietta 2 on October 19, 2007.[10] The death toll in the explosion was 11, with 120 injured.[11][12] Despite conflicting reports, it was concluded that the explosion was caused by a faulty liquefied petroleum gas tank located in a Chinese restaurant.
In 2011, the Occupy Wall Street movement protesting economic inequality and the power of United States financial institutions spread from New York City to other parts of the world, including the Philippines. The movement's supporters' first action was held on October 14, when protesters marched in Makati City from the Ninoy Aquino monument on Ayala Avenue to the American Chamber of Commerce. The movement here in the country is called "Occupy Philippines", which had other protests held at the US Embassy and Rizal Park in Manila after the protest in Makati.[13]
On 2014, the Makati Tourism Foundation and Makati city government started a tourism campaign called "Make it Happen, Make it Makati", which promotes tourism mainly in the business district.[14]
Divisions
![](http://upload.wikimedia.org/wikipedia/commons/thumb/4/4c/Makati_CBD_from_air_close-up_%28Makati%3B_01-09-2023%29.jpg/220px-Makati_CBD_from_air_close-up_%28Makati%3B_01-09-2023%29.jpg)
The Makati Central Business District is situated within four
Barangay Bel-Air
Barangay Bel-Air is an affluent enclave and the richest barangay in the Philippines
Ayala Triangle is a sub-district of Downtown Makati, comprising the land between Ayala Avenue, Makati Avenue and Paseo de Roxas. The Ayala Triangle Gardens is Makati's Central Park, which was the only urban oasis in Makati at the heart of the central business district, will be developed into mixed commercial and residential space.[19][20] This triangular block also houses the Makati Stock Exchange, the Ayala Tower One and the Filipinas Heritage Library, built on the site of the historic Nielson Tower.[21]
![](http://upload.wikimedia.org/wikipedia/commons/thumb/a/ae/Ayalatriangle.jpg/220px-Ayalatriangle.jpg)
Salcedo Village is a business park developed by Ayala Corporation located in Makati Central Business District. It is named after the de Salcedo brothers -
Ayala North is an informal district bounded by the streets of Gil Puyat Avenue,
Buendia Area got its name from the former name of
Barangay San Antonio
![](http://upload.wikimedia.org/wikipedia/commons/thumb/b/bb/0983jfSampaloc_Villages_San_Antonio_Streets_Makati_Cityfvf_04.jpg/220px-0983jfSampaloc_Villages_San_Antonio_Streets_Makati_Cityfvf_04.jpg)
Barangay San Antonio has a land area of 0.8958 square kilometers (0.3459 sq mi) which occupies 3.3% of the city's total land area. Based on the 2010 census of population released by the National Statistics Office, San Antonio has a percentage share of 2.2% or 11,443 versus the city's population with a density of 13 persons per 1,000 square kilometers (390 sq mi). San Antonio is bounded by Barangay La Paz in the north, Barangays Pio Del Pilar and San Lorenzo in the south, Barangays Sta. Cruz and Bel-Air in the east, and Barangay Palanan in the west. Formerly called Barrio Camachile, it is named after Saint Anthony of Padua, the barrio's patron saint.[23]
San Antonio Village is a medium density residential village in the northern portion of the
San Antonio South is an informal highly density residential and commercial area in the southern portion of the barangay. It is bounded by Chino Roces Avenue, Yakal Street, Ayala Avenue Extension and Gil Puyat Avenue. It consists of high-rise residential and commercial buildings, as well as the Makati Central Fire Station, and Makati Central Post Office.
Barangay San Lorenzo
![](http://upload.wikimedia.org/wikipedia/commons/thumb/6/6e/07083jfAmorsolo_Street_Creek_Bridge_San_Lorenzo_Church_Stations_Makati_Cityfvf_17.jpg/220px-07083jfAmorsolo_Street_Creek_Bridge_San_Lorenzo_Church_Stations_Makati_Cityfvf_17.jpg)
Barangay San Lorenzo, included under Cluster 1 or Central Cluster, is considered one of the richest barangays in the Philippines for it embraces part of the Central Business District, where its revenue mainly comes from. It has a total land area of 1.7341 square kilometers (0.6695 sq mi). The population density of Barangay San Lorenzo is computed to be 6 persons per 1,000 square meters.[24] Established in the 1950s, it is also one of the oldest.
Legazpi Village is a business park built by the Ayala Corporation within the Makati downtown area. It is named after Miguel López de Legazpi, a Spanish conquistador who became the Spanish East Indies's (present-day Philippines) first Governor-General under the Spanish rule. The area is home to the Asian Institute of Management, as well as the Washington SyCip Park and Legazpi Active Park.
San Lorenzo Village is a residential village located at the south of Legazpi Village and Ayala Center. It is the home of Assumption College San Lorenzo.
Barangay Urdaneta
![](http://upload.wikimedia.org/wikipedia/commons/thumb/1/1b/08983jfUrdaneta_Zuellig_Building_One_Roxas_Triangle_Paseo_de_Roxas_Gil_Puyat_Makati_Avenuesfvf_12.jpg/220px-08983jfUrdaneta_Zuellig_Building_One_Roxas_Triangle_Paseo_de_Roxas_Gil_Puyat_Makati_Avenuesfvf_12.jpg)
The smallest barangay to complete Central Cluster is Barangay Urdaneta with a total land area of 0.7399 square kilometers (0.2857 sq mi). It is one of the first centrally planned communities together with Forbes Park, San Lorenzo and Bel-Air which was established in the 1950s by the Ayala Family. Originally, Urdaneta and Bel-Air formed part of a single village called “Beldaneta”.[28] The barangay is bounded by the roads of EDSA, Ayala Avenue, Makati Avenue, and Buendia Avenue. Its bounding barangays are Bel-Air (north and west), San Lorenzo (south), and Forbes Park (east).
Roxas Triangle is a district and intersection of the major streets of
Apartment Ridge is a complex of apartment and condominium buildings along the streets of Makati Avenue and Ayala Avenue outside Urdaneta Village. The Peninsula Manila, Discovery Primea and The Makati Tuscany are located in this area.
Urdaneta Village is a quiet and peaceful residential gated community within its barangay. The name of the barangay came from the subdivision's name.
Economy
![](http://upload.wikimedia.org/wikipedia/commons/thumb/7/7c/Metro_Manila_view_from_Manila_Bay_-_Makati_and_Pasay_%28Fort_San_Felipe%2C_Cavite_City%3B_2017-04-03%29.jpeg/220px-Metro_Manila_view_from_Manila_Bay_-_Makati_and_Pasay_%28Fort_San_Felipe%2C_Cavite_City%3B_2017-04-03%29.jpeg)
Corporate headquarters
Most of the famous law firms, construction firms, stock brokerages and other big companies in the Philippines have their main offices here. Palafox Associates,
The Ayala Automotive Holdings Corporation, a subsidiary of Ayala Corporation is the largest automotive company in the country, which has its main offices in the district. The company owns the regional operations of Honda, Isuzu and Volkswagen in the Philippines.[31]
Until March 2018, when it moved to Bonifacio Global City in Taguig, the Philippine Stock Exchange Headquarters, along with the Makati Trading Floor, was located in the CBD, and was the successor to the long running Makati Stock Exchange, which operated from 1963 to 1992.
Regional headquarters
There are more than a hundred
Facilities
Healthcare
The Makati CBD is the location of the
Education
There are several libraries in the metropolis are open to the public. The Filipinas Heritage Library is a famous iconic library situated in Ayala Triangle along Makati Avenue.[32]
The district is also home of Makati's prestigious schools and colleges. Some top universities of the Philippines is situated in downtown. The following are:
Shopping Centers
- Ayala Malls One Ayala
- Greenbelt
- Makati Central Square (formerly Makati Cinema Square)
- Glorietta
- Landmark
- Rustan's Makati
- SM Makati
Parks & Museums
![](http://upload.wikimedia.org/wikipedia/commons/thumb/b/bc/Salcedo_Park_04.jpg/220px-Salcedo_Park_04.jpg)
- Ayala Museum
- Ayala Triangle Gardens
- Bel-Air Park
- Dolphin Park
- Glorietta 3 Park
- Greenbelt Park
- Jaime Velasquez Park
- Legazpi Active Park
- Makati Sports Club
- San Lorenzo Clubhouse
- Urdaneta Park
- Washington Sycip Park
- Yuchengco Museum
Transportation
![](http://upload.wikimedia.org/wikipedia/commons/thumb/5/5a/EDSA_along_One_Ayala%2C_Makati_City%2C_July_2023.jpg/220px-EDSA_along_One_Ayala%2C_Makati_City%2C_July_2023.jpg)
Downtown Makati is the one of the most easily accessed business districts in the Philippines. Public transportation within the city is facilitated mostly using inexpensive jeepneys and buses for commuters working in the district. Most of the buses and jeepneys come from
There are several parking buildings for car-owned people working in downtown. Taxis are also available for people working in downtown. Because it is the leading business district in the metropolis, it sometimes experiences traffic congestion. The Metropolitan Manila Development Authority (MMDA) is responsible for traffic regulation in the metropolis. In 1995, they implement road space rationing called Unified Vehicular Volume Reduction Program to reduce the traffic congestion. Makati's traffic enforcement implement the full number coding scheme to all road vehicles from 7:00 a.m. to 7:00 p.m. without window hours from Monday to Friday except on holidays. The rule applies except on expressways, where it is not implemented, and on EDSA and Osmeña Highway that follows MMDA's number coding scheme on the same days from 7:00 am to 10:00 am and from 5:00 pm to 8:00 pm.
The downtown district is served by major roads and expressways. The following are:
Expressways
:
Skyway: South Luzon Expressway
It is also accessible through some train stations of the Manila Metro Rail Transit System (MRT) and Philippine National Railways (PNR). The following are:
- Dela Rosa PNR station
- Pasay Road PNR station
- Buendia MRT station
- Ayala MRT station
- Magallanes MRT station
The Central Business District will be serviced by the future Makati Intra-city Subway, which is currently under construction. Two stations will be built at Mile Long–Amorsolo in Legazpi Village and Buendia in Barangay San Antonio.
References
- ^ "Makati Commercial Estates Association". Foursquare.com. Retrieved April 1, 2014.
- ^ "Ayala Property Management Corporation". APMC Website. Archived from the original on May 12, 2014. Retrieved April 1, 2014.
- ^ a b "History of Makati City". Manila Info Blogspot. Retrieved October 1, 2013.
- ^ "This week in Ayala history". Filipinas Library. www.filipinaslibrary.org.ph. Archived from the original on November 11, 2013. Retrieved September 6, 2013.
- ^ "History - Pioneers". Ayala Group Official Website. Archived from the original on September 21, 2013. Retrieved September 6, 2013.
- ^ ISBN 0877277354.
- ^ van Agtmael, Antoine W. (1984). Emerging Securities Markets: Investment Banking Opportunities in the Developing World. Euromoney Publications. p. 99.
- ^ "Martial Law 40th Anniversary". Official Gazette of the Republic of the Philippines. November 30, 2012. Retrieved February 20, 2013.
- ^ Duldulao, Manuel (1996). A Vision of Makati: The City. Japuzinni Pub. Division. p. 75.
- ^ "Blast kills four in Philippine capital". World. The Washington Post. October 19, 2007. Retrieved October 19, 2007.[dead link]
- ^ "Blast kills eight and wounds 70 at Philippine mall". World. The Washington Post. October 19, 2007. Retrieved October 19, 2007.[dead link]
- ^ Teves, Oliver (October 19, 2007). "Blast at Manila shopping Mall kills 4". Yahoo! News. Yahoo!. Retrieved October 19, 2007. [dead link]
- ^ "Filipinos echo 'Occupy Wall Street' movement". Carmela Lapena, GMA News. October 17, 2011. Retrieved October 17, 2011.
- ^ "Make it Makati". Makati Tourism Foundation. Archived from the original on September 26, 2014. Retrieved March 1, 2014.
- ^ "Makati CBD". Makati CBD. Retrieved May 31, 2020.
- ^ Egco, Joel M. Sy (October 27, 2013). "Bel-Air is richest barangay". The Manila Times.
- ^ "Bel Air". Makati City Government. Retrieved July 11, 2022.
- ^ "Bel-Air Village". Makati City Government. Retrieved March 1, 2014.
- ^ "Ayala Land develops six new nodes in Makati - Philstar.com". philstar.com.
- ^ Lara, Tanya (December 14, 2009). "Ayala Triangle Gardens: Makati Central Business District's breathing space". philstar.com.
- ^ "Ayala Triangle". Makati Tourism Foundation. Archived from the original on October 26, 2014. Retrieved March 1, 2014.
- ISBN 978-1433039805.
- ^ "Barangay San Antonio". Makati City Government. Retrieved July 11, 2022.
- ^ "Barangay San Lorenzo". Makati City Government. Retrieved July 11, 2022.
- ^ "Ayala Center". Ayala Land. Archived from the original on June 24, 2013. Retrieved April 1, 2014.
- ^ Route Map, Metro Rail Transit Corporation Passenger Information, retrieved July 7, 2006 Archived June 26, 2006, at the Wayback Machine
- ^ "Ayala Center". Makati Tourism Foundation. Archived from the original on December 8, 2014. Retrieved April 1, 2014.
- ^ "Barangay Urdaneta". Makati City Government. Retrieved July 11, 2022.
- ^ "Philippines' Biggest Companies". Forbes Magazine. Retrieved April 19, 2021.
- ISBN 9780787994631.
- ISBN 9789264183285.
- ISBN 978-1742203706.
- ^ "P2P stations in Makati are now located at One Ayala". Top Gear Philippines. July 18, 2022. Retrieved July 18, 2022.
- ^ "McKinley Exchange". Makati Tourism Foundation. Archived from the original on October 2, 2014. Retrieved March 1, 2014.