The Makati City government on Tuesday announced it has already collected 95 percent of its P17.8 billion revenue target this year.
Mayor Abigail Binay attributed their robust tax collection performance from to resumption of normal operation of trades and the opening of new business establishments in the city.
As of June 30, Makati collected a total of P16,876,811,971.56.
“It is only the middle of the year, yet we have nearly achieved our full-year revenue target, with a 22-percent increase to boot. Clearly, Makati’s economy has bounced back and is stronger than ever,” Binay said.
Citing a report submitted by treasure
Jesusa Cuneta, Binay said thebulk of revenues came from business taxes which accounted for P9,446,943,668.74, 44 percent higher than the figure for the same period last year, and covered 95 percent of the P9.9-billion target for the year.
The collections also included around P3.7 million garnered through the Makatizen Online Assessment and Payment Portal.
“Most business establishments in the city are now back to operating at full capacity, indicating that we are definitely back in business. We also have more new ventures setting up shops in the city, bringing in more capital investment that boosts the local economy,” Binay said.
She also noted how the city sustained its position as the country’s premier investment destination through good governance, as a result of reforms and innovations undertaken by her administration over the past six years.
“Having achieved greater transparency and efficiency, Makati continues to enjoy strong investor confidence. We also take pride in recently obtaining, for the sixth straight year, an unmodified audit opinion from the Commission on Audit,” she said.
Records at the Business Permit and Licensing Office showed that thecity has registered 2,782 new businesses as of July 19, 2023, with combined capital investment of over P20 billion. In the same period, a total of 35,116 businesses have renewed their business permits and
registered total gross sales amounting to P1.65 trillion.
The city treasurer’s report further showed that real property tax collections as of end-June amounted to P5,434,290,527.49, reflecting a six-percent increase from last year. It is also 113 percent of the P4.8-billion target for the year. Realty taxes paid online amounted to P8.2 million.
Other local revenue sources included fees and charges with P623.3 million, and economic enterprises, P186.2 million. From other sources, the city got P835.8 million in National Tax Allotment (NTA), P159.1 million as share from Economic Zone (PEZA), and P191 million from Interest Income.
Mayor Binay said the city’s financial stability is key to the effective implementation of its trendsetting social programs on public health, education, and social welfare.
This year, the city earmarked P3 billion for public health programs and some P1.1 billion for the welfare of public school students.
For social welfare and development, the city allocated P929 million, including P191.7 million for the cash gift of senior Blu Card members, P49.5 million for their free birthday and anniversary cakes, P20 million for their free movies, and P6.6 million for burial assistance.
Other allocations included P120 million for PhilHealth ng Masa subsidy, P21.2 million for emergency assistance to individuals in crisis, and P457 million for the annual gift-giving.
Makati continues to be among few local government units in the country that are not dependent on the NTA, erstwhile called the Internal Revenue Allotment (IRA).