Makati hits 61 percent of target revenue for 2025

MANILA, Philippines — Makati City took only one month to hit over half of its target revenue for 2025, based on figures released by the city treasury office.

The financial center of the Philippines collected P11.77 billion in revenues as of Jan. 31, P7 billion of which came from business taxes.

Makati aims to collect P19 billion this year. The P11.77 billion it already collected represents 61 percent of this target.

The city treasury office reported that real property taxes added P4.2 billion to Makati’s coffers, nearing its full-year target of P5.1 billion. Roughly P400 million of other revenues come from local fees and charges, economic enterprises and interest earnings.

Over 34,000 businesses in Makati, 439 of which were newly registered this year, amassed a combined gross sale of P2.05 trillion.

In a statement on Friday, Makati Mayor Abby Binay, who is running for the Senate, lauded businesses for fully bouncing back from the pandemic.

“We are off to an excellent start this year and we owe this largely to our business community that has been steadfast in its support and confidence in the city government throughout my term as Makati Mayor,” Binay said.

“It is really heartening to see that the local economy has fully recovered from the pandemic and is even stronger and more vibrant than ever,” she added.