Due to its strategic location, a great number of local and foreign businesses situate their headquarters or main offices in Makati making it the nation's international commercial and financial center. The 1989 listing of the local Permit Division showed a record of 27,501 business establishments registered in Makati. In 1990, out of 1,000 top corporations of the country, 343 are based here. At least 57 of the Philippines top 1,000 corporations are found in the town. 84% of the country's private commercial banks, and 9 out of 10 largest life insurance companies have their head offices in Makati with 46 of the 56 embassies and consultancies located here. Travel bureaus, airline offices, advertising and design agencies abound in the city. Ayala Avenue is the "Wall Street of the Philippines" where some of the tallest buildings and most important headquarters offices and financial institutions are located.