Makati City tops revenue target for 2022 at P20.9 billion | Inquirer News

Makati City tops revenue target for 2022 at P20.9 billion

By: - Reporter / @zacariansINQ
/ 06:14 PM January 17, 2023
Makati City tops revenue target for 2022 at P20.9-billion

Map of Makati City

MANILA, Philippines — The local government of Makati on Tuesday announced that it had surpassed its revenue target for 2022, reaching over P20 billion.

In a statement, Makati Mayor Abby Binay said that the city’s local revenue sources also increased by nine percent compared to 2021.

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According to Binay, the city’s financial stability will ensure the continuous delivery of quality services to Proud Makatizens and the effective implementation of major programs to accelerate Makati’s transformation into a smart city.

“Things are definitely looking up for the city. The significant increase in our locally-sourced revenue collection from business and real property taxes in 2022 is a clear sign of the strong trust and confidence of Makati residents and the business community in the city government,” the mayor said.

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Citing a report from the City Treasurer, Binay said the bulk of collections came from Business Tax with P9,134,888,802.54, up by 10 percent from 2021.

Real Property Tax (RPT) came in second with P8,147,069,344.69, or seven percent higher than the total RPT collection in 2021.

The report also showed that revenue generated from realty taxes surpassed the target by around 70 percent after they conducted an information drive targeted at villages and condominiums to remind real property owners to settle outstanding tax obligations to the city.

Meanwhile, revenue from other local sources also increased, including fees and charges, by three percent or P744.2 million, and economic enterprises by P340.7 million or 66 percent.

The local government also reported 4,439 new business registrants and 34,590 business permit renewals in 2022, with the new enterprises chalking up a total of P29.02 billion in capital investments.

Registered businesses in the city also reported total sales of P1.42 trillion in 2022.

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TAGS: business tax, Makati City, real property tax, revenue
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