Makati hits 94 percent of local revenue target, P16B already collected

Inquirer file photo

MANILA, Philippines — Makati City reached 94 percent of its local revenue target, amounting to P16 billion as of the end of June 2024, Makati Mayor Abby Binay said on Wednesday.

The city has also hit 87 percent of its P18.42 billion target for the full year.

According to Binay, the 40 percent decrease of share in the National Tax Allotment (NTA) had a minimal impact on the city’s economic growth after the transfer of 10 EMBO (enlisted men’s barrios) barangays.

READ: QC, Makati, Taguig are top NCR revenue earners in 2023

“The reduced share of Makati had minimal impact on our financial stability, and we are optimistic that we will again exceed this year’s revenue target. This means that we will be able to stay on track with the implementation of better programs and projects planned for the year until next year,” said Binay in a statement.

READ: Makati receives seventh consecutive highest audit rating from COA

The local chief executive further emphasized that the economic growth and development in the city led to implementation of projects and social services for the residents.

Premier investment destination

“These new facilities are aimed to improve quality of life and promote the safety and convenience of all stakeholders, while securing Makati’s stature as the premier investment destination in the country,” the mayor added.

The latest report from the City Treasurer Jesusa Cuneta stated that the biggest chunk of revenue share came from Business Tax worth P8.6 billion, followed by Real Property Tax amounting to P5.5 billion.

These were followed by Fees and Charges with P648.8 million, P232.2 million from Economic Enterprises, and Interest Income with P317.8 million. Further, NTA earned P503 million while the Economic Zone gained P164 million in revenue.

In addition, the Business Permit and Licensing Office reported a generation of 4,043 new business establishments while 35,290 businesses renewed permits in the first semester.

“The new businesses had a combined capital investment worth over P26 billion, while gross sales of existing businesses reached P1.88 trillion in the same period,” the statement noted.

In 2023, the Department of Finance Bureau of Local Government Finance hailed the city as the second top revenue earner, posting a P19.36 billion worth of Annual Revenue Income. The city was also tagged as debt-free.