THE city government of Makati has attained 80 percent of its 2024 target revenue as early as April this year, Mayor Abigail Binay yesterday said.
Binay said total collections as of April stood at P14, 764, 700, 267.
She said the bulk of the revenues came from local profits, which include P8.2 billion in business taxes and P5.2 billion in real property taxes.
Binay said the revenue from business taxes represented 81 percent of its target this year, while the revenue for real property taxes is already 107 percent of the target collections.
Last year, Makati exceeded its 2023 revenue target of P17.83 billion, collecting P20,051,906, 452.
Data from the Makati Business Permit and Licensing Office (MBPLO) showed that 1,820 new businesses registered in the city in the first four months of 2024 alone, with a total capital investment of P16.3 billion.
On the other hand, the MBPLO data showed 34,203 business establishments renewed their permits in the first quarter of the year, with a total gross sales amounting to P1.8 trillion.
Last year, 3,791 new businesses were registered in Makati while 35,440 renewed their business permits with the city hall. The new businesses reported a total capital investment of P25.47 billion, while city hall collected P1.65 trillion in total gross sales from existing businesses.
“Our robust revenues provide us with the financial stability we need to continuously implement programs that go well beyond the basic needs of our constituents,” Binay said.
“We are grateful to our taxpayers for the trust and confidence in the city government, especially the business sector which remains the largest contributor to the city’s coffers,” she added.
Binay said Makati is one of the local government units in the country that does not depend on revenue allotment from the national government.
