Makati collects P24.15 billion in revenue for 2024

MANILA, Philippines — The local government of Makati collected P24.15 billion in revenue last year, surpassing its target by 31 percent, Mayor Abby Binay announced on Monday.

Binay credited the city’s business sector and taxpayers for the “record-breaking” performance, which will enable Makati to introduce more innovations and improved services to enhance the quality of life of residents.

“Our financial performance in 2024 has surpassed expectations because of our thriving business community and dutiful taxpayers,” she said. “This means that residents and stakeholders can expect better services this year.”

According to the city’s treasury office, local revenue sources accounted for the majority of collections, with business tax contributing P11.9 billion or 118 percent of the target, and real property tax generating P9.01 billion.

The city’s business permit and licensing office reported 4,944 new business registrations and 35,076 business permit renewals in 2024.

New enterprises invested P38.2 billion in capital while existing businesses recorded P1.87 trillion in gross sales.

Makati achieved 139 percent of its target for locally sourced revenues, which include business and real property taxes, fees and charges, according to the city treasurer.

The local government collected P891.50 million from fees and charges and P389.11 million from economic enterprises.

Other revenue sources in 2024 include P583.8 million in interest income, national tax allotment of P1 billion, P339.44 million from the economic zone and P8.18 million from the Philippine Charity Sweepstakes Office.