The Makati City government said Thursday it surpassed its 2023 revenue target by 13%, noting a 41% increase in business tax collection in the third quarter of the year.
Makati Mayor Abby Binay said that based on the Office of the City Treasurer’s report, the city has collected a total of P20,051,906,452.22 as of September 30, which is a 21%-increase from the same period last year.
She said the business tax collection also increased by 41%, reaching P11,211,357,657.95 as of the end of September.
“Clearly, Makati’s local economy has regained its vibrancy and is now growing by leaps and bounds. We are again posting double-digit growth in revenues from local sources, especially from Business Tax which nearly doubled even before year end,” Binay said in a press release.
The Business Permit and Licensing Office of the city also reported a total of 3,791 new businesses registered and 35,440 with renewed business permits as of the end of September.
Further, new enterprises reached a total of P25.47 billion in capital investments, while total gross sales of existing businesses amounted to P1.65 trillion this third quarter.
“It is gratifying to see how fast businesses in the city are recovering, and how investor confidence has rebounded in the past months. We are inspired all the more to pursue innovations in the way we serve our stakeholders to make the experience as convenient and seamless as possible,” Binay said.
City Treasurer Jesusa Cuneta said the business tax comprised the bulk of the revenue collection, followed by real property tax with P6,013,599,432.53, which is 125% higher than the target and 4% higher than the same period last year.
Cuneta further said collections from business and realty taxes have also been driven by the continuing intensive drive of the city’s Finance Department to serve notices of delinquent payments to business owners and real property owners in the city.
The city’s local revenue sources which posted a 24% increase overall include fees and charges with P753.72 million, and economic enterprises, P289.59 million.
Binay said Makati has continued to be among few local government units in the country that are not dependent on the NTA (formerly Internal Revenue Allotment or IRA).
Since 2017, Binay said she has been instituting reforms to promote transparency, accountability, and efficiency in operations at the city hall.—Anna Felicia Bajo/AOL, GMA Integrated News