Makati City's cost of living is significantly higher when compared to neighboring Filipino cities, owing primarily to its skyrocketing real estate value and relatively upscale commercial and residential selections. However, compared to other major cities of the world, Makati City offers service, accommodations, and value that are dirt-cheap. Furthermore, bargains comparable to other Philippine cities may be found in certain areas in Makati - Makati Cinema Square and Guadalupe Mall, for instance - that even for the most jaded backpacker will make a stay in Makati more than economical. Originally founded in 1670 as a visita of Sta. Ana de Sapa under the jurisdiction of the Franciscans, Makati City was first dismissed as "worthless" swamp land by the Spanish conquistador Juan Miguel de Legazpi in 1571. Yet over the centuries, this small community would leave large imprints in social, economic and cultural history. The friars established two of the earliest churches in the Philippines - the Nuestra Se??ora de Gracia in Guadalupe and the Church of Sts. Peter and Paul - in Makati, drawing pilgrims from all over the country. At the turn of the century, the Americans established Fort McKinley in Makati, and in 1901, San Pedro de Makati, with a population of 2,500, was incorporated into the province of Rizal. On February 28, 1914, the Philippine Legislature passed Act 2390, shortening the name San Pedro Makati to Makati in the 1930s, the first airport, Nielson Airport, opened in what is now the Ayala Triangle. The first centrally planned community was established in the 1950s, and since the 1970s, Makati has been the undisputed financial and commercial capital, the once worthless swampland becoming prime real property. Makati has also figured prominently in the political history of the Filipino. The community was one of the cradles of the revolt against Spanish colonial rule, and following the assassination of Ninoy Aquino in 1983, the epicenter of the protest movement against the dictatorial rule of Ferdinand Marcos. On January 2, 1995, the Makati became an independent city by virtue of Republic Act 7854. For more information, see the Makati City Portal History section.