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Concept
Makati
Summary
Makati (məˈkɑːti maˈkati), officially the City of Makati (Lungsod ng Makati), is a 1st-class highly urbanized city in the National Capital Region of the Philippines.
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 used to be situated along the city's Ayala Avenue, before the stock exchange moved their headquarters to the Bonifacio Global City in Taguig. Makati is also known for being a major cultural and entertainment hub in Metro Manila.
According to the 2020 census, it has a population of 629,616 people making it as the 17th most populous city in the country and ranked as the 41st most densely populated city in the world with . Although its population is just above half a million, the daytime population of the city is estimated to be more than three million during a typical working day because of the large number of people who go to the city to work, shop, and do business.
The name of Makati originates from its earlier name during the Spanish colonial period: San Pedro Macati. The first part of the name comes from Spanish for Saint Peter; while the second part comes from Tagalog makati, from kati, meaning "[of the] low tide" or "[of the] ebb tide".
Parts of the city were once subject to the pre-Hispanic Kingdom of Namayan, whose capital is now in the Santa Ana district of Manila. While under the jurisdiction of the Franciscan friars during the 17th century, it was established as a town on June 1, 1670 under the name San Pedro Macati out of the southern barangays of the then-town of Santa Ana.
In 1851, Don José Bonifacio Róxas (an ancestor of the Zóbel de Ayala family) purchased the Jesuit estate of "Hacienda San Pedro de Macati" for 52,800 pesos. Since then, the development of Makati has remained linked with the Zóbel de Ayala family and their company, Ayala Corporation.
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