Business in Binondo
Makati and Ortigas may now be the country's visible financial centers. Nevertheless, a lot of trade and financial transactions are still consummated in old Binondo
By Felicidad Tan-Co

Centuries old Spanish houses stand side by side tall glass towers. Manila's Chinatown - more commonly referred to as Binondo - is one of the few places in the Philippines where one find kalesas (horse-drawn carriages) nonchalantly parked beside the latest model BMWs, Volvos, or Mercedes Benzes. Inside Binondo offices, Palm Pilots sit on top of the trusty wooden abacus. Millionaires and vagrants rub elbows as they pass on its busy, narrow streets.

"Chinatown has always been a study in contradictions," says Teresita Ang-See, a 49-year resident and better known for her anti-kidnapping work as a member of the Presidential Anti-Organized Crime Task Force. Like Chinatowns elsewhere in the world, the dynamic yet mysterious air (dusty, in this case) is felt as one crosses the welcome arch at the foot of Jones Bridge coming from the Central Postal Office in Liwasang Bonifacio.

After World War II, Escolta's department stores was the place to shop. Mall magnate Henry Sy opened his first shoe store in Escolta. To this day, Sy frequents the SM buying office on Carlos Palanca Street. However, like other Chinese-Filipino businesses, his SM Megamalls are now located all over Metro Manila and Luzon.

Culturally, though, Chinatown has little to offer. The last Chinese movie house closed down six years ago due to lack of patronage.

Heavy Concentration
Straight away, one realizes that Manila's Chinatown is not all Chinese herbal drugstores or mami eateries. From the arch, immediately, one is greeted by a battery of commercial banks. The less than one kilometer-stretch of Quintin Paredes is home to more than 25 bank branches. Chinatown probably has the largest concentration of bank branches - more than 150 in all -- including foreign banks like Citibank, Chinatrust, Hongkong Shanghai Bank, Dao Heng Bank, and Lippo Bank among others.

The Ayala-owned Bank of the Philippine Islands which has two branches on this stretch stands out with its bold red Chinese signage. The Chinese signage was a pleasant surprise to Chinese-Filipino residents as they had unconsciously forced themselves to be less conspicuous and had abandoned the use of Chinese signages.

Old world ambiance is overwhelmed only by the vibrant commercial activity ranging from wholesale trading of basic food items like rice to technology products like computer parts.

Evolving from its image as a wet and dry goods bargain haven, Binondo is now also a one-stop-shop for bargain computers and printers.

Financial Center
Since pre-Spanish times, Chinatown was the center of business for Chinese-Filipino businessmen.

As a financial center, Chinatown saw the peak of its influence in the 1980s when the grey market dubbed the "Binondo central bank" dictated the exchange rates in the country. Until today, money changers work out of their 30 square meter-rooms, equipped with the latest telecommunication equipment. Old-timers will point to some shabbily dressed individuals as couriers for the money changers. Most don't even have bodyguards since this calls too much attention. Servicing these money changers is one of the reasons for the presence of multiple branches in the area.

Rizal Commercial Banking Corporation has nine branches in Binondo and still expanding. RCBC Alonzo Branch manager Pauline See-Sua says, "It's really tough competing with other branches that had been around for 10, 20 years." RCBC's Alonzo branch is only three years old. "It takes more than charm and perseverance to attract depositors. We have to offer competitive rates," according to See-Sua. The young manager points out that in Binondo, clients usually go to the banks themselves, unlike in Makati where trusted clerks handle transactions. Some clients will drop by the bank to have coffee and engage in shop talk. Like most offices in Chinatown, managers should speak English, Fookien, and some Mandarin.

The country's largest bank Metropolitan Bank & Trust Co. has close to 30 branches in the area.

Go Bon Huan, vice president and branch manager for Metrobank Masangkay Branch memorizes account numbers for breakfast. Go's attention to details and strict confidentiality made his branch among the top ten earners within Metrobank's 400 branches systemwide.

Street Specialization
Until today, Binondo has remained a major source of revenue for Top 100 manufacturers. Traders serve hundreds of thousands of retail stores throughout the archipelago. It is estimated that more than 70% of the goods sold in the provinces are directly sourced from wholesalers along a dozen narrow streets in Chinatown. Each street has its specialization.

Ongpin is better known for its jewelry stores. For industries, Raon offers the most comprehensive line of electronic parts and electrical products. Evangelista Street carries extensive industrial equipment supplies. Benavidez and Masangkay offices sell automotive supplies. Alonzo Street is hardware center. Eduardo Cobankiat, marketing manager for Justino Corporation, the sole Philippine distributor of Black and Decker and Dewalt power tools reveals that their Alonzo office accounts for a substantial chunk of their sales despite Black and Decker's presence in major malls and retail outlets nationwide. "This 150 square meter-branch accounts for about 50% of total heavy duty power tool sales." One of the main attractions for Alonzo is the presence of service centers for hardware tools.

Nueva Street services the shoe industry, supplying materials like leather uppers, rubber soles, and buckles. Mill machinery supplies and canvas sheets for tents can be found along Gandara Street.

T. Pinpin showrooms sell modern furniture, upholstery, and elegant crystal chandelier. Paper importers and school supplies stores are dispersed along Divisoria and Condensa Streets. However, for a complete line of office supplies, Times Trading along Quintin Paredes still draws in huge crowd.

Ylaya Street is known for its textiles and finished garments while Abad Santos near the corner of Tayuman Street sells sewing machine and garment equipment. Rice traders and their trucks still lord it over Dagupan Street, while Divisoria offers a diversified selection of wet and dry good products.

Food Haven
Aside from commerce, food is one of the cornerstones of Chinatown. There are about two dozen eateries from bakeries to restaurants serving lauriat. The delicious food and competitive prices more than compensate for the lack of space, ambiance, service, or cleanliness.

Eating in Chinatown has attracted outsiders, too. On a Sunday morning, billionaire Tonyboy Cojuangco can be spotted having breakfast at Lido, an eatery along Alonzo Street known for its addictive coffee. Down the road, the original Lingnam Restaurant still makes fresh noodles everyday.

The closest to lauriat fine dining in Chinatown is President Restaurant along Ongpin Street. Its specialty is fresh seafood. Others in Ongpin serving fresh seafood are Royal Garden and Green Lake. Chuan Kee is known for its five treasure soup. Quintin Paredes Street has Golden Palace, Ocean Dragon (look for Buddha soup), and Dragon Seed. Some old-timers prefer to go for afternoon tea and dimsum at Wah Yuen Restaurant along Escolta Street.

For quick meals, there is the original Mey Lin along Carvajal Street, Shin Tong Yon on Benavidez Street, and Ha Yuan Restaurant and Country Chicken House on Masangkay Street. Probably one of the oldest existing restaurants is Delicious, established in the 1930s. Although it has transferred to its own building on F. Torres Street, it still offers traditional noodles and congee.

Revitalizing the Place
Geographically, Chinatown goes beyond the Binondo district. Lawmakers had made it easier to distinguish the boundaries of Chinatown. According to congressional districts, Chinatown belongs to the third district of Manila. This includes Binondo, Quiapo, Sta. Cruz, and San Nicholas.

The district elected its first Chinese-Filipino congressman in 1998. Representative Harry Angping has big plans for revitalizing Chinatown.

On the drawing board is a bill calling for the creation of a Chinatown Tourism Development Authority. Although focused on tourism, Angping says the comprehensive plan is geared towards the improvement of basic infrastructure, environment, and peace and order. His goal is to bring business and residents back to Manila. Although known for its wholesale bargains, Chinatown is also notorious for its traffic maze. Congressman Angping says constructing parking buildings will dramatically decongest the streets and improve traffic flow.

Angping laments the lack of visible infrastructure development. "There was no focus given to Chinatown in the past." He promises this will change. The congressman reports a number of projects underway: the construction of a bridge from congested Juan Luna Street to Lavezares Street which goes straight out to Delpan area; the dredging of esteros; and the building of a three-storey police station along Muelle de Binondo.

"Binondo is the bedrock of Philippine history," Angping reminds people. One of the objectives of the planned Chinatown Tourism Development Authority is to revive Chinatown as a historical and cultural hub. "This is the birthplace of Juan Luna and other heroes. This is where the first newspaper La Solidaridad was published, on Lavezares Street," the congressman points out. He says that it is a pity that some historical buildings are slowing being bartered for commerce. Specifically, Angping notes three old buildings which need to be preserved: First Citibank of New York, Hongkong Shanghai Bank, and El Olgar Building.

Angping relates that his goal to revitalize Chinatown is a personal challenge. Like many Chinese-Filipino of his generation, Angping was raised in Binondo, but moved out of the area and was educated at the elitist Xavier School in Greenhills, San Juan. His younger brother is the equally successful stock broker Jerry Angping, founder of Angping Securities. The congressman admits he is relearning his Mandarin, to be able to relate with his constituents who read Chinese-language newspapers like World News or United Daily News. "The goal should be assimilation," Angping reiterates.

Problematic Areas
Aside from kidnappings and random violence, Chinatown is recently plagued by a more subtle but equally alarming situation. According to Ang-See, one of the biggest problems is the indiscriminate immigration of Chinese from Mainland China. A lot of immigrants pre-dated their entry date to the Philippines to avail of the Alien Legalization Law implemented during the Ramos administration. The problem is not immigration per se, but the abuse of the system which resulted in illegal activities like drug trafficking and forced labor, among others.

Despite its traffic and social problems, Chinatown real estate nowadays still commands an average of P100,000 per square meter along main streets, comparable to prices in plush villages like Forbes Park. As in most businesses, the bottom line is what really matters.