Makati already collected 56% of its 2019 revenue target in 2 months

The local government of Makati City has already attained more than half of its 2019 revenue target in just a span of two months, Mayor Abigail “Abby” Binay disclosed Tuesday.

From January to February, the local government already collected 19.51 billion or 56 percent of the revenue target for this year. The full-year revenue target is 117.12 billion.

Binay said the city exceeded the total collection for the same period last year by 11 percent.

“I am elated that the city has attained more than half of its target revenue in just the first two months of the year. Also, we have again posted a two-digit increase in total collections, which is an unmistakable sign that investor confidence in Makati continues

to grow stronger,” she said.

Based on the report of City Treasurer Jesusa Cuneta, collections from Business Tax went up by 14 percent and from Real Property Tax by 10 percent in the first two months of the year.

“As of February 28, revenue from Business Tax reached 14.8 billion or 49 percent of full-year target, while Realty Tax collection reached 14.06 billion or 85 percent of target.”

Other local revenue sources are Fees and Charges with 1359.3 million and Economic Enterprise, 124.3 million. From other sources, the city got 1197.6 million in Internal Revenue Allotment (IRA), 113.6 million as share from Philippine Economic Zone Authority (PEZA), 14 million from the Philippine Amusement and Gaming Corporation (Pagcor) and the Philippine Charity Sweepstakes Office (PCSO), and 137.4 million from interest income.

The Business Permits Office (BPO) records showed that the number of new business registrants from January to March of this year increased from 1,126 last year to 1, 248. The combined capital investment of the new businesses reached over 117.28 billion.

The mayor said she will ensure Makati’s robust financial growth will translate to more innovative and responsive programs that will improve their lives.

“Our beloved Makatizens can rest assured that they will continue to experience the optimum benefits of the city’s prosperity. We will sustain, and even enhance, the reforms and innovations we have made in our systems and processes that have earned the trust of our taxpayers and convinced more businesses to bring their investments to our city,” Binay said.