Mayor Abigail Binay expects Makati City to reach its P18.42 billion revenue goal this year attributable to business and real property taxes, having already collected P16 billion or 87% of its full-year target as of June.
Local sources represent 94% of the revenue and according to City Treasurer Jesusa Cuneta, the bulk of the revenue 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% and 112%, respectively.
Despite a 40% decrease in the National Tax Allotment (NTA) share due to the transfer of 10 EMBO (Enlisted Men’s Barrio) barangays, Binay is optimistic that the city will surpass its revenue target by the end of the year.
She stated that the reduced NTA share had minimal impact on the city’s financial stability, and she is confident that they will exceed this year’s revenue target, enabling the implementation of better programs and projects planned for this year and the next.
Furthermore, the city gained P648.8 million from Fees & Charges and P232.2 million from Economic Enterprises.
Its earnings from Interest Income reached P317.8 million, while its income from external sources included P503-million NTA and P164-million share from the Economic Zone (PEZA).
The Business Permit and Licensing Office (BPLO) reported 4,043 new business establishments and 35,290 businesses that renewed their permits in the first semester.
Combined capital investment among new businesses reached over P26 billion, while gross sales of existing businesses reached P1.88 trillion in the same period.
Its local economy’s sustained growth has supported the city government’s social programs and the completion of new infrastructure, such as the Makati Columbarium and the new police and fire central headquarters.
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