Makati's revenue collections hit 94% of full-year target

MANILA, Philippines - The Makati City government on Monday reported that it had achieved 94 percent of its target revenue collection for the year, posting a total of P11.58 billion as of the end of last month.

Based on a report from the City Treasurer’s Office, acting city Mayor Romulo Peña said the figure exceeded by 9 percent the city’s total revenues for the same period last year.

Peña said the highest collection came from business tax with a total of P6,194,563,878, followed by real property tax (RPT) with P3,934,345,110; fees and charges, P556,943,245; and Economic Enterprise, P161,173,460.52.

“Looking at the figures that we have right now, I am definitely sure that we can surpass the 8.8 percent increase posted last year. We have already attained 94 percent of our projected target of P12,284,535,000 for this year, and we still have two months of collection period before yearend,” Peña said.

The acting mayor expressed his gratitude to the business sector for their confidence and trust in the new leadership, reassuring them of the efficient utilization of funds for the benefit of both the taxpayers and Makati constituents. 

“I also attribute the growth in tax collection to enhanced efficiency in business permit processing and collection of business and realty taxes,” he added. 

Other sources that form part of the city revenue collection are interest income with P89,552,093.48 and Internal Revenue Allotment, P652,030,065.

“Our constituents and stakeholders can rest assured that in the Bagong Makati, my administration will firmly uphold transparency and good governance so that everyone is assured of fair and equal services,” Peña said.

In comparison to last year’s tax collection as of September, revenue from business tax increased by 13 percent from P5.4 billion. On the other hand, the city government has already surpassed its target realty tax collection at 115 percent as of September.