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Parañaque was founded in the late 16th century. The Spanish government appointed Don Luis Tuason as first gobernadorcillo of Parañaque on April 17, 1599. It became a city under Commonwealth Act No. 39, passed by the 1st National Assembly at Manila on November 12, 1901 and signed into law by Governor-General William Cameron Forbes on January 21, 1902 with Isabelo de los Reyes as its first mayor; it formally separated from Muntinlupa upon independence in 1946.Parañaque has transformed itself into one of Metro Manila’s most progressive cities with an annual growth rate of 2% since 2000; this is higher than that for Metro Manila which stands at 1%. Its proximity to major business districts such as Makati CBD and Ortigas Center have made real estate prices skyrocket over time but despite this fact property values continue to rise due to demand outstripping supply.