[2] During the early period of American occupation of the Philippines, Calle Real was known as a hub of high-end shopping outlets selling products from Europe.

[3][4] The street was officially renamed in honor of Jose Maria Basa, a Filipino businessman-propagandist who was a compatriot of José Rizal.

Calle Real as a district consisting of Aldeguer, Guanco and Iznart, J. M. Basa, and Mapa streets was declared an Iloilo City heritage zone by the virtue of Ordinance No.

With the recent gradual shift of business activity to other parts of the city, particularly in the district of Mandurriao, efforts have been made to revitalize and repurpose Calle Real.

These initiatives include the pedestrianization of Calle Real, the underground installation of utility wires, and the removal of obstructive advertisements.

[4] The pedestrianization experiment ended on March 9, 2014, though the Philippine Chamber of Commerce in Iloilo expressed a desire to make it permanent, citing the potential to encourage walking and to take pride in the newly rehabilitated heritage buildings along the street.