MANILA - The city of Makati said Friday it would "exhaust all legal remedies" to assert its jurisdiction over the Bonifacio Global City, after a legal setback that favored its rival, Taguig.

The two cities have been engaged in a long-running court battle for control over the former military reservation that houses the Bonifacio Global City, one of the country's main financial districts.

On May 8, the Court of Appeals dismissed due to "forum shopping" Makati City's appeal to reverse an earlier decision which said that the disputed land was part of Taguig.

"The issue over BGC is far from over," Makati City spokesman Michael Camiña said in a statement, adding their pleading was dismissed on a mere "technicality."

"The city of Makati will exhaust all legal remedies to protect its territory," he said.

BGC is home to the newest office buildings, five star hotels, upscale malls and residential towers that rival the developments in the old financial district, located in Makati.