Makati City Mayor Abby Binay (PHOTO from Abby Binay Facebook)
MANILA, Philippines — The city government of Makati on Thursday reported that after only the first quarter, it already reached 72 percent of its target revenue for 2023.
In a statement, Makati City Mayor Abby Binay said that the city has already collected P12,925,503,905.76 by the end of March, which is more than half of its P17.84 billion target revenue for the whole year.
Binay also said that the said collection is 18 percent more than the revenue collected during the same period last year
“By all indications, Makati is well on its way to full recovery from the pandemic. Once again, we are seeing double-digit growth in our total revenue collection as brisk business in the city attracts more new investors, while driving current businesses to expand,” Binay said.
“We are heartened by the remarkable results of reforms and innovations we have done to make our systems and processes more efficient, transparent, and sustainable. We thank the business community, property owners, and all Makatizens for supporting our initiatives and putting their trust in the city leadership,” she added.
Based on the report of the City Treasurer, the total revenue collected consisted of several tax collection improvements, including the business tax collection which increased by 33 percent or a total of P7.07 billion from the previous year’s P5.27 billion.
Real property tax also increased by six percent with P4.84 billion collected, which the city treasure noted is 101 percent of the target for the entire year.
Real property tax also increased by six percent with P4.84 billion collected, which the city treasure noted is 101 percent of the target for the entire year.
Meanwhile, online business tax payments jumped to P28.92 million from the P6.11 collected during the same period in 2022.
Other local revenue sources included fees and charges with P441.53 million and economic enterprises at P100.15 million.
From other sources, the city got P417.9 million in National Tax Allotment, P30.8 million as share from economic zone, and P83.89 million from interest income.
On the other hand, the city also logged 1,343 new business registrants in the first quarter of the year, with a combined capital investment reaching over P5.9 billion.
A total of 34,436 businesses also renewed their business permits, which reported combined sales of over P1.64 trillion in 2022.
According to Binay, she continues to expect further success as her administration continues to transition the local government and public service in Makati to the digital age.
“With great optimism and confidence, we are forging ahead with Makati’s digital transformation. We believe it is indispensable to our successful transition to a veritable smart city – climate resilient, sustainable both economically and ecologically, and genuinely inclusive,” she said.