FOLLOWING a throng of top national and multinational corporations that transferred to Bonifacio Global City (BGC), the country’s top financial regulators have announced separate plans to move their current head offices to Taguig.
These include the Philippine Stock Exchange (PSE), the Securities and Exchange Commission, and the Insurance Commission, which have announced plans to transfer their headquarters to BGC, while the Intellectual Property Office and the Philippine Chamber of Commerce Inc. have already moved to new addresses within the burgeoning business district.
Taguig City Mayor Lani Cayetano welcomed the new partners of the city, saying their decision to relocate to BGC-and that of hundreds of corporations before them-is an undeniable sign of a growing consensus that investor confidence is at a high in Taguig. The plan of the country’s top business regulators to follow suit and relocate to Taguig is an affirmative vote of confidence to a fast-rising, high-flying new premier financial center in the country that is BGC, Cayetano said. She reiterated the city’s business model, which rests on the following cornerstones: no corruption, lower taxes, better services and business policies, and no number coding.
Here in Taguig, we always get a vote of confidence from businesses, who we consider partners in development. We treat them with respect, the highest form of which is to show them that the taxes they paid really go to the people of Taguig, she said.
Several top businesses already relocated to Taguig, including Coca-Cola Bottlers Philippines Inc., its foundation Coca-Cola Foundation Philippines Inc., and Eastwest Bank.
BGC is also now home to big companies like Smartmatic Philippines Inc., Manila Water Co. Inc., Chinatrust Commercial Bank Corp., General Electric Philippines Inc., Hewlett-Packard AP Ltd.-Phil., Sony Philippines Inc., Sun Life Corp., and the Hongkong and Shanghai Banking Corp. Ltd.
Even prominent law firms like Abello Concepcion Regala and Cruz and Villaraza Cruz Marcelo and Angangco are now found in Taguig.
Leading academic institutions, such as the University of the Philippines and the De La Salle University, will also open separate campuses in BGC. Also, the Supreme Court is looking at BGC as its next home.
Earlier, the World Bank recognized Taguig as one of the best places in the country to do business in. In the institution’s most recent Ease of Doing Business study, Taguig ranked first among the cities in Metro Manila to have the easiest and least number of processes of putting up a business, besting richer and older cities.