Amid pandemic, Makati tops 2020 revenue target with P18.1B collection
Makati City skyline is practically smog-free in a photo taken on May 11, almost two months into the Luzon lockdown. —GRIG C. MONTEGRANDE
MANILA, Philippines — Amid the COVID-19 pandemic, the Makati City local government on Monday announced having exceeded its 2020 revenue target as collections reached P18.1 billion last November.
This figure is 102 percent of the city’s full-year target of almost P17.8 billion, the city government said in a statement.
Based on the report of City Treasurer Jesusa Cuneta, Makati City’s full-year target this year exceeded by 3 percent its actual collections during the same period last year.
The bulk of collections came from business taxes amounting to P9.5 billion, and real property taxes worth almost P6 billion, Makati City Mayor Abby Binay said.
Makati City also derived income from local revenue sources and other sources, such as fees and charges amounting to P609.2 million, and economic enterprises at P135.1 million.
“Other sources of revenue included interest income (P233.4 million), internal revenue allotment (P1.2 billion), share from the Philippine Economic Zone Authority (P314.6 million), share from PAGCOR/PCSO (P4.1 million), and grants and donations (P110.8 million),” the city government said.
“It is such a relief to know that even with the restrictions imposed on businesses to curb the pandemic, our city has been able to achieve its overall revenue goal for 2020 before yearend,” Binay said in the same statement.
“This encouraging development gives us good reason to be optimistic about brighter prospects for business and the local economy in 2021,” she added.
