Correct. It is King Philip IV of Spain, who had a nice run in that job from 1621 to 1665. That's 44 years, enough time to influence events greatly. Philip was also the King of Portugal from 1621 to 1640, so his word was law for a good stretch of time on the Iberian Peninsula.
When Philip died, the Spanish Empire covered about 4.7 million square miles, which definitely made it a world power. Alas, the King wasn't able to reform government actions very much, and things started to decline ever before he died.
The building is surrounded by several crucial structures, such as the Royal Palace, a cathedral, and the Opera House. I trust Philip has enjoyed the view.
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