Good corporate citizens and well-meaning businessmen in Makati City continued to drive tax collection in one of the premier business districts in the country.
Makati Mayor Abby Binay on Friday said the city has attained 61 percent of its 2025 target revenue of P19.33 billion as its total collection reached P11.77 billion as of January 31.
Citing a report from the City Treasurer, the mayor said there was an 8 percent increase in business tax collections to P6.99 billion compared to the P6.47 billion posted in January last year. She said business tax remains the biggest local source of revenue for the city, and the city has attained 62 percent of target as of January.
“We are off to an excellent start this year, and we owe this largely to our business community that has been steadfast in its support and confidence in the city government throughout my term as Makati Mayor,” Mayor Binay said.
She also noted a sizeable increase in gross sales reported by Makati businesses, reaching P2.05 trillion from January to February 20, which has topped by 10 percent the 2024 total gross sales of P1.87 trillion.
“In barely two months, gross sales of Makati businesses have surpassed their total earnings in 2024. It is really heartening to see that the local economy has fully recovered from the pandemic and is even stronger and more vibrant than ever,” Mayor Binay said.
According to a report of Business Permit and Licensing Office Head Maribert Pagente, the city registered 439 new businesses as of February 20, which brought in fresh capital investments amounting to P3.35 billion. From January to February 20, a total of 33,453 businesses renewed their business permits, with combined gross sales of P2.06 billion.
On the other hand, City Treasurer Jesusa Cuneta reported a 2 percent increase in collections from local sources to P11.61 billlion from P11.43 billion last year.
Other local revenue sources include Real Property Tax with P4.23 billion or 83 percent of the full-year target of P5.1 billion. The city also collected P353.3 million from Local Fees and Charges and P23.6 million from Economic Enterprises. Earnings from interest amounted to P58.3 million.
Still among few local government units that are not dependent on funds from the national government, Makati received P99.46 million in National Tax Allotment (NTA) and P2.47 million as Share from Economic Zone this January.
