Binondo is known as the Chinatown of the Philippines, populated primarily by ethnic Chinese. Binondo used to be controlled entirely by the Spaniards. This China town is known as the central location for all commerce and trade for all of the merchants.
Because of the centralized locale of Binondo, it became a mainstream place for business and finance in Manila. Binondo is famous for the financial and banking communities during World War II, where many financial institutions, insurance companies, and financial institutions existed.
The city was known as Philippines ‘Wall Street’. Today, Binondo is no longer considered the ‘Wall Street’ or known as the banking community. However, the land value in the city is the highest throughout the Philippines.