From WikiPilipinas: The Hip 'n Free Philippine Encyclopedia
Escolta- is a famous street in Manila, Philippines. During the Spanish and American occupation of the Philippines, Escolta was known as the commercial district of Manila.
The name is said to have originated from the mid 19th century when Spanish Captain Generals paraded the street with heavy escorts--and people shouting "Escorts"--which later became Escolta.
Today, Escolta remained a busy commercial street, but no longer for shopping. Although some of the old Art Deco remains in the street(including the Regina Building), it is now mostly occupied by banks and other services shops.