Makati has been ranked first among cities by the Department of Finance (DOF) for sustaining its fiscal autonomy through local revenue sources and for posting the highest per capita spending for the fiscal years 2022 and 2023.
Mayor Abigail Binay expressed her gratitude to the business sector and her constituents for their financial stability, acknowledging their trust and cooperation in the city’s robust economic growth.
“We gratefully acknowledge the unwavering support of the city’s business community, residents, and other stakeholders. Your trust and cooperation have been indispensable to the sustained robust economic growth of the city, paving the way for better services and benefits for all stakeholders,” she stated.
During a ceremony held on Wednesday at the Seda Manila Bay Hotel, the DOF’s Bureau of Local Government Finance (DOF-BLGF) presented seven awards to Mayor Abby.
Makati was recognized as Top 1 among all cities in the country after recording the highest ratio of local source revenues to total current operating income for fiscal years 2022 and 2023.
Additionally, it posted the highest total current operating expenditure per capita among cities for two consecutive years.
The city also received Top 2 recognition among cities for local source revenues over the two-year period and Top 2 among highly urbanized cities for year-on-year growth in local source revenues for fiscal year 2023.
“We are honored to receive these accolades. These are testaments to the persistent efforts of the city government to expand our revenue base through reforms and smart innovations that promote efficiency and transparency in our revenue collection and processing of business permits and licenses,” Mayor Binay remarked.
“For the past eight years, Makati’s sustainable and strong local economy has made it possible for the city government to undertake game-changing innovations that have improved our services and programs, making them more conveniently accessible to residents and other stakeholders,” she added.
According to the latest report from City Treasurer Jesusa Cuneta, as of the end of August, the city has surpassed its revenue target for the year.
Total revenue collection reached P18.8 billion, or 102 percent of the P18.4 billion target.
The report indicates that business tax is the highest revenue source, contributing P10.22 billion, followed by real property tax at P6.19 billion.
From other local sources, the city collected P748.82 million from fees and charges, P310.12 million from economic enterprises, and P411.75 million from interest income.
