Now, Makati has over half a million residents and is ranked as the 42nd most densely populated city worldwide.Īccording to Payscale, Makati employees earn an average annual salary of P392,715. In-land migration from neighboring towns and other parts of the Philippines has also caused its population to boom over the years. It is not surprising that many expatriates have been attracted to Makati.
The city is also a major entertainment center, with the highest concentration of commercial activities in numerous shopping districts and department stores. This makes the city not only a premiere business district, but also a center for international political and government relations. Makati is also home to over 70 international embassies and consulates, such as the French Embassy, Royal Belgian Embassy, Malaysian Embassy, German Embassy, and Embassy of Brazil among others. It also houses several influential financial institutions such as the Makati Business Club and the Philippine Stock Exchange, making it the Financial Capital of the Philippines. With more than 80,000 business establishments, Makati is easily the Philippines' link to global finance and economy. Makati has become a major financial hub with the highest concentration of multinational and local business establishments in the country. One of the country’s primary financial hubs Makati was officially proclaimed as a city in 1995. 2390 shortened the name of the town to its current name “Makati”. In 1914, the Philippine Legislature Act No.
It was then declared a public town of Manila in 1819. This was later changed to "San Pedro de Makati" in honor of its patron saint. Thinking it was the residents' response to his question, he called the settlement “Makati”. When Legaspi inquired about the name of the place, the locals were saying "Makati na," as the tide of Pasig was ebbing away the residents. It was Don Manuel Lopez de Legaspi, the first Governor General of the Philippines, who discovered the area. The city has its roots dating back in the pre-Hispanic era, ruled by Lakan Tagkan in the swamplands near the river. The name “Makati” stemmed from the Tagalog term "kati," which means "tide" to refer to the tide of the Pasig River. It is known for its towering buildings and high-end shopping centers. Makati City is one of the seventeen local government units in Metro Manila.
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