From a thriving fishing community along the shores of Laguna de Bay, it is now an important residential and industrial suburb of Metro Manila. The construction of the C-5 highway and the acquisition of the Fort Bonifacio development area has paved the way for the cityhood of the municipality, which was declared on December 8, 2004.

Taguig is home to Fort Bonifacio, a 2,578-hectare property acquired by the US Government during the American Colonial Period, formerly known as Fort McKinley.  It was eventually turned over to the Philippine Government to become the permanent headquarters of the Philippine Army in 1957.  It was then renamed Fort Bonifacio on May 14, 1949 after revolutionary heroAndres Bonifacio.

In 1992, Fort Bonifacio was turned over to the Bases Conversion Development Authority (BCDA).  In 1995, Bonifacio Land Corporation won the bidding to become BCDA's partner in the development of a major part of the property.  In 2003, the area was envisioned to be a world-class business and commercial hub and was to implement an ambitious master-plan for the whole area they subsequently called "Bonifacio Global City" (BGC).

BGC continues to witness various developments arising from its roads, which has since been transformed into an upscale residential address.  Office buildings also jut out on various portions to create an emerging skyline of modernized structures. Institutions have moved offices in this area, among them International School and St. Luke's Medical Center. Dining and leisure establishments have also since opened at Bonifacio High Street to lure the fun-loving crowds.