You can see churches, presidential palace, classic hotels, and souvenir markets from this plaza. It is walking distance to get to some other historic sites. San Francisco Monastery is about 10 mins away on foot. At night, the water fountain in the middle of the plaza is beautifu - a great plaza to take photos. Every day at noon, a long ceremony is held at the presidential palace to mark the shift change between guards. They play music band, parade, and other formal ceremony rituals. Highly recommend to see.
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