Makati is the financial center of the Philippines; it has the highest concentration of multinational and local corporations in the country. Major banks, corporations, department stores as well as foreign embassies are based in Makati. The biggest trading floor of the Philippine Stock Exchange is situated along the city’s Ayala Avenue. Makati is also known for being a major cultural and entertainment hub in Metro Manila. With a population of 582,602, Makati is the 17th-largest city in the country and ranked as the 41st most densely populated city in the world with 19,336 inhabitants per square kilometer. Although its population is just half a million, the daytime population of the city is estimated to be more than one million during a typical working day because of the large number of people who go to the city to work, shop, and do business. Traffic is expected mostly during rush hour and holiday seasons.
The city of Makati remains the richest local government unit (LGU) in the Philippines in terms of income from local sources and on a per capita basis. As of end-2012, Makati had registered over 62,000 business enterprises, which are engaged in financial services, wholesale/retail, services, real estate, export/import, and manufacturing. Makati also boasts of having the highest number of BPO offices in Metro Manila at 1,159 companies to date, as well as the highest number of PEZA-accredited IT Parks and Buildings. The city government of Makati has not increased its tax rates since its new Revenue Code took effect in 2006. The city has been free of deficit for 26 years. The city is known for its developed business district called the Makati Central Business District (CBD). It is bound by EDSA, Gil Puyat Avenue, Arnaiz Avenue and Chino Roces Avenue. It mainly encompasses Legazpi Village, Salcedo Village, the Ayala Center, and parts of Bel-Air Village.
The Ayala Triangle is a sub-district of the Makati CBD, comprising the parcel of land between Ayala Avenue, Makati Avenue and Paseo de Roxas, as well as the buildings on those streets. Many multinational companies, banks and other major businesses are located within the triangle. A few upscale boutiques, restaurants and a park called Ayala Triangle Gardens are also located in the area. Ayala Avenue and Paseo de Roxas also have the distinction of being the runways of the former Nielson Field, Metro Manila’s main airport in the 1930s.
The biggest trading floor of the Philippine Stock Exchange is housed in Ayala Tower One and at the old Makati Stock Exchange Building, both along Ayala Avenue.
The Makati Business Club is composed of over 800 chief executive officers and senior executives, representing almost 450 of the largest and most dynamic corporations in the Philippines. Most of the tallest skyscrapers in Metro Manila and the Philippines are located in Makati such as the PBCom Tower, Gramercy Residences in Century City and G.T. International Tower. PBCom Tower along Ayala Avenue is the country’s tallest office building, reaching up 259 meters. It is the headquarters of the Philippine Bank of Communications, or PBCom. The PBCom Tower is an office skyscraper ranked officially as the tallest building in the Philippines since 2001. It has a total ground-to-architectural-top height of 259 meters (850 ft), with 52 stories including an 8-level radio tower.
Makati is one of the most well-known shopping hubs of Metro Manila. Various shopping centers, offering both international and local retail shops, high-end boutiques, dining outlets and entertainment facilities can be found around the city. The Ayala Center is a major commercial development operated by Ayala Land located in the Makati CBD. The center is known for its wide array of shopping, entertainment and cultural offerings, making it a premier shopping and cultural district in the metropolis. It is a vast walkable complex with high-end malls that houses cinemas, local and international shops, homegrown restaurants and international food chains. The shopping malls that are located at the Ayala Center include Greenbelt, Glorietta, Park Square, and The Link. The Ayala Center is also home to 3 department stores namely, SM Makati, Rustan’s, and The Landmark. Aside from the Ayala Center, the Rockwell Center is also a popular shopping district in Makati. It is home to the Power Plant Mall. The Salcedo Saturday Market and Legazpi Sunday Market are popular open-air community markets. These markets offer organic products, specialty foods, fruits, vegetables, fish, gourmet items and antiques. There is also the Century City Mall,located within Century City, located near Rockwell Center, and behind the Makati Central Business District, it is a Modern, High End Mall, and also dubbed “The Mall of Modern Makati”.
