MAKATI City Mayor Abigail Binay expects to overshoot their P18.42-billion revenue target this year, having already collected P16 billion during the first semester.
Binay said their robust revenue collection performance from January to June was already 87 percent of the full-year target, with 94 percent of the taxes coming from local sources.
Despite a 40-percent decrease in the National Tax Allotment (NTA) share due to the transfer of 10 EMBO (Enlisted Men’s Barrio) barangays to Taguig City, Binay remained optimistic that the city will remarkably surpass its revenue goal by the end of the year.
She asserted that the reduced NTA share had minimal impact on the city’s financial stability, and that she is confident that they will exceed this year’s revenue target, thereby allowing for the implementation of better programs and projects planned for this year and the next.
According to city treasurer Jesusa Cuneta, the bulk of the revenues came from business taxes amounting to P8.6 billion, followed by real property with P5.5 billion.
Makati also mustered P648.8 million from fees and charges, and P232.2 million from economic enterprises. Its earnings from interest reached P317.8 million, while its income from external sources included P503-million NTA and P164-million share from the economic zones (PEZA).
The Business Permit and Licensing Office (BPLO) reported that 4,043 new business establishments and 35,290 shops renewed their permits in the first semester. The new businesses had a combined capital investment worth over P26 billion, while gross sales of existing businesses reached P1.88 trillion in the same period.
Makati’s local economy’s sustained growth has supported the city government’s social programs and the completion of new infrastructure, such as the Makati Columbarium and the new police and fire central headquarters.
These new facilities aimed to improve the quality of life and promote the safety and convenience of city residents, while reinforcing Makati’s position as the premier investment destination in the country.
