Makati Mayor Abby Binay on Monday said the city government has breached its 2024 revenue target by 31 percent, reaching P24,151,652,347.20 last December 31.
The mayor said based on the official report from the City Treasurer, local revenue sources comprised the bulk of collections from January to December, led by Business Tax with P11.9 Billion or 118 percent of target. Real Property Tax came next with P9.01 Billion or 184 percent of target.
“Our financial performance in 2024 has surpassed expectations, thanks to our thriving business community and dutiful taxpayers. It means that residents and other stakeholders of Makati can expect more innovations and better services this year to further improve quality of life in the city,” Mayor Abby said.
The Business Permit and Licensing Office has reported a total of 4,944 new businesses registered and 35,076 with renewed business permits as of end-December. The new enterprises chalked up a total of P38.2 billion in capital investments, while total gross sales of existing businesses reached P1.87 trillion at yearend.
City Treasurer Jesusa Cuneta also reported that the city has achieved 139 percent of its target for locally-sourced revenue consisting of Business Tax, Real Property Tax, Fees & Charges and Economic Enterprise.
From other local sources, the city earned P891.50 million from Fees & Charges and P389.11 million from Economic Enterprises.
The rest of the city’s revenue collections for 2024 has been sourced from Interest Income amounting to P583.8 million, National Tax allotment of P1.0 billion, Share from Economic Zone, P339.44 million, and Share from PCSO, P8.18 million.
To date, Makati remains among few local government units in the country that are not dependent on external sources of revenue such as the National Tax Allotment.
According to the Bureau of Local Government Finance (BLGF), Makati posted the highest ratio of local revenue sources to local current operating income among all cities in the country in 2023, with a ratio of 90.60 percent.
Based on the latest report of the Philippine Statistics Authority, Makati posted a 6.3 percent growth in Gross Domestic Product (GDP) in 2023, with the city’s economy valued at PhP 1.18 trillion. The city also recorded the highest per capita GDP in the Philippines at P1.77 million.
Under the administration of Mayor Abby Binay, the city’s economic prosperity has translated to better programs and services that have made tangible improvements in the quality of life of Makati residents.
To date, the city’s poverty rate is at its lowest at 0.6 percent, while its Human Development Index of 0.903 is among the highest in the country.
