Makati surpasses 2023 revenue goal by collecting P20.05B by Q3

By Jomel R. Paguian

MAKATI CITY generated P20.05 billion in revenues in the first nine months of the year, exceeding its full-year target by 13%, it said in a statement on Thursday.

Nine-month revenues rose by 21% from a year earlier, it said, citing data from the Office of the City Treasurer.

City Treasurer Jesusa E. Cuneta attributed the revenue surge to the 41% growth in business tax collections, which had reached P11.21 billion as of end-September compared with P7.96 billion a year ago.

The amount also surpassed the city’s 2023 target of P9.9 billion in business tax revenue.

“We are again posting double-digit growth in revenues from local sources, especially from Business Tax which nearly doubled even before yearend,” said Makati Mayor Marlen Abigail “Abby” Binay-Campos.

The city’s real property tax collection amounting to P6.01 billion as of end-September also rose by 4% from P5.77 billion year on year, exceeding its 2023 target of P4.8 billion.

The city’s local revenue sources which have grown by 24% included fees and charges of P753.72 million and economic enterprises of P289.59 million.

On top of these figures, the city also received P1.25 billion in National Tax Allotment (NTA), P232.41 million from the Economic Zone (PEZA), and P297.49 million from interest income.

Makati is home to 39,231 businesses, 3,791 of which are newly registered businesses, according to its business permit and licensing office.

As of end-September, the city accumulated P25.47 billion in capital investments from new businesses, while total gross sales of existing businesses reached P1.65 trillion.

Ms. Binay-Campos said the city’s robust revenue growth can sustain its enhanced social programs.

Makati continues to be among few local government units in the country that are not dependent on the NTA (formerly Internal Revenue Allotment or IRA).

For six straight years now, the city has obtained an “unmodified opinion” from the Commission on Audit (CoA), which means the “auditor concludes that the financial statements are prepared in all material respects, in accordance with the applicable financial reporting framework.”