Makati collected P16 billion in revenue by end-June

MANILA, Philippines — The city government of Makati collected P16 billion in revenue as of end-June, hitting 87 percent of its P18.42-billion target for this year while attaining 94 percent of its target collection from local sources, Mayor Abby Binay said yesterday.

Binay expressed confidence that the city will surpass its revenue target of P18.42 billion by yearend despite a 40-percent decrease in the National Tax Allotment (NTA) share due to the transfer of 10 enlisted men’s barrios or embo barangays.

“The reduced share of Makati had minimal impact on our financial stability. We are optimistic that we will again exceed this year’s revenue target,” Binay said.

“This means that we will be able to stay on track with the implementation of better programs and projects planned for the year until 2025,” Binay added.

Citing a report of the city treasurer, Binay said the bulk of collections came from business tax amounting to P8.6 billion followed by real property tax with P5.5 billion.

The attainment rates for these local sources are 85 percent and 112 percent, respectively.

Binay said the city gained P648.8 million from fees and charges as well as P232.2 million from economic enterprises.

Makati’s earnings from interest income also reached P317.8 million, while its income from external sources included P503-million NTA and P164-million share from Economic Zone.

The mayor said there were more than 4,000 new business establishments in the city while over 35,000 businesses renewed their permits in the first semester.

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

The city government said the growth of the city’s local economy supported its social program and the completion of more infrastructure, such as the Makati Columbarium and the new police and fire central headquarters.

Binay said these new facilities aim to promote the safety and convenience of all stakeholders, while securing Makati’s stature as the premier investment destination in the country.