Home Economy Makati tops 80% of revenue target

Makati tops 80% of revenue target

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BUILDINGS are seen from the Estrella-Pantaleon Bridge in Makati City, Dec. 4, 2022. — PHILIPPINE STAR/ MIGUEL DE GUZMAN

MAKATI City said on Thursday it hit slightly over 80% of its revenue target for 2024 after collecting more than P14.77 billion as of April.

In a statement, Makati City Mayor Mar-len Abigail “Abby” S. Binay-Campos said that as of April, the city has already collected P14.77 billion of its P18.40 billion revenue target for the year.

“Our robust revenues provide us with the financial stability we need to continuously implement programs that go well beyond the basic needs of our constituents,” she said. Last year, the city surpassed its revenue target by 39% without hiking tax rates.

City Treasurer Jesusa E. Cuneta said the city collected almost P8.2 billion in business tax and P5.2 billion in real property tax.

The Business Permit and Licensing Office of the city said 1,820 new businesses have registered in the first quarter of the year. The total combined capital investment is worth more than P16.30 billion.

A total of 34,203 businesses renewed their permits in the same period. Registered total gross sales amounted to over P1.80 trillion.

Makati’s total budget for 2024 is P21.10 billion, with the Social Development sector taking a chunk with a P10.40 billion allocation.

The city allotted P4.50 billion for education, P4.10 billion for health, and P1.80 billion for social welfare.

Earlier this year, Ms. Binay-Campos said her administration has plans to reduce real property tax and other local taxes. — Chloe Mari A. Hufana

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