Makati skyline (INQUIRER.net stock image)
MANILA, Philippines — Makati City reported exceeding its 2023 revenue target as it collected more than P20 billion “from local sources” in the third quarter of the year.
Mayor Abby Binay cited data from the City Treasurer and said that the local government raised a total of P20,051,906,452.22 as of September 30, a 21-percent increase from their earnings in the same period last year.
Makati City’s revenue target for 2023 was P17.83 billion.
“Clearly, Makati’s local economy has regained its vibrancy and is now growing by leaps and bounds. We are again posting double-digit growth in revenues from local sources, especially from Business Tax, which nearly doubled even before year-end,” Binay said in a statement Thursday.
READ: Makati hits 95% of 2023 target revenue in midyear
According to City Treasurer Jesusa Cuneta, business tax comprised the bulk of the revenue collection as it increased by 41 percent, reaching P11,211,357,657.95 as of September.
The Business Permit and Licensing Office reported 3,791 new businesses registered and 35,440 renewed business permits in the same period.
New enterprises amassed a total of P25.47 billion in capital investments, while total gross sales of existing businesses reached P1.65 trillion this third quarter.
“It is gratifying to see how fast businesses in the city are recovering, and how investor confidence has rebounded in the past months. We are inspired all the more to pursue innovations in the way we serve our stakeholders to make the experience as convenient and seamless as possible,” Binay said.
READ: Makati City hits 72% of 2023 target revenue in Q1
Real property tax followed with P6,013,599,432.53 collection. Makati City said this amount is four percent higher than the sum obtained in the same period last year.
Other local revenue sources of the city likewise posted a 24-percent increase overall, including in fees and charges with P753.72 million, and economic enterprises P289.59 million, according to Binay.
Also, Makati City got P1.25 billion in national tax allotment, P232.41 million as a share from Economic Zone, and P297.49 million from interest income, she added.
READ: Makati City tops revenue target for 2022 at P20.9 billion