Makati hits 95% of 2023 target revenue in midyear
MANILA, Philippines — Makati has already attained 95 percent of its 2023 target revenue in just the first half of the year: As of June 30, the city has collected P16.8 billion of its target of P17.83 billion.
“It is only the middle of the year, yet we have nearly achieved our full-year revenue target. Clearly, Makati’s economy has bounced back and is stronger than ever,” Makati Mayor Abby Binay said in a statement issued on Tuesday.
“Most business establishments in the city are now back to operating at full capacity, indicating that we are definitely back in business. We also have more new ventures setting up shop in the city, bringing in more capital investment that boosts the local economy,” she added.
According to the city treasurer’s report, most of the city’s revenues came from business tax at P9.4 billion.
Real property tax collection amounted to P5.4 billion and realty taxes generated P8.2 million in revenue.
Other local revenue sources include “fees and charges” at P623.3 million and economic enterprises at P186.2 million.
Also, the city got P835.8 million from its national tax allotment (NTA), P159.1 million of its share from economic zones, and P191 million from interest income.
Makati is among a few local governments nationwide that are not dependent on the NTA.
The city will fund several of its programs from its income, as follows
- P3 billion for public health programs
- P1.1 billion for the welfare of public school students
- P929 million for social welfare and development
- P120 million for PhilHealth ng Masa subsidy
- P21.2 million for emergency assistance to individuals in crisis
- P457 million for the annual gift-giving