MANILA -- Taguig City Mayor Lani Cayetano welcomed the merger of two stock exchanges in Bonifacio Global City (BGC) � a move described by a veteran property consultant as a pivotal shift from Makati as the country's financial district.
The old Makati and Manila stock exchanges were finally unified at the Philippine Stock Exchange (PSE) Tower on 5th Avenue corner 28th Street in BGC.
The new building � two-thirds bigger than the old trading floor in Makati � has a big LED screen outside which covers almost three floors of the 21-story building and displays stock prices and other market data in real time.
The opening of the new building was attended by the local chief executive on Wednesday.
Welcome to Taguig, your new home, Cayetano said as she highlighted that the city was proud to be part of history in the making.
She also assured the stock exchange that the local government would do its part in maintaining safe operations there.
The lady mayor said the PSE had the city government's full support in its future projects.
We will live up to expectations, she added.
Earlier, PSE chair Jose Pardo said the stock exchange would have bigger offices and a new museum showcasing its rich history.
David Leechiu, president and founder of Leechiu Property Consultants, had said that the merger of the two stock exchanges in BGC only confirms that [BGC] has replaced Makati as the finance center.
Taguig City's track record proves it has taken doing business seriously. It was awarded a Blue Certification Award by the Office of the Ombudsman for its streamlined frontline services in 2014. In 2016, the city earned its third excellent stamp by the Civil Service Commission for having the highest rating in the Anti-Red Tape Act compliance measures among 46 first-class cities.
The city is currently the home of top corporations, embassies and government offices. New hotels, educational institutions and shopping malls have also sprung up in recent years within the fast-growing business districts of BGC and ARCA South.
Taguig City, despite being one of the youngest cities in the country, was also recognized last August 2017 by the National Competitiveness Council of the Philippines as one of the Most Improved Local Government Units in the category of Highly Urbanized Cities.
Source: Philippine News Agency