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Makati reaches 83% revenue target

Updated

By Dhel Nazario 

Makati City has reached 83 percent of its revenue target, accumulating a collection of P14.2 billion of its aim of P17.1 billion.

Based on the report of City Treasurer Jesusa Cuneta, the city’s revenue collection reached P14,239,800,251.81 as of end-July, with the bulk coming from Business Tax, followed by Realty Tax. Income from other sources included P627,894,080.06 from fees and charges, P95,934,341.76 from economic enterprises, P142,588,603.34 from interest income, and P691,780,306 from Internal Revenue Allotment (IRA).

Makati Mayor Abigail Binay (My Makati / Facebook / MANILA BULLETIN)

Makati Mayor Abigail Binay (My Makati / Facebook / File Photo / MANILA BULLETIN)

Makati Mayor Abigail Binay said the city government was on track with its revenue target of P17.1-billion for the year, noting that Business Tax had the biggest share with P7,839,128,771.19 or 80 percent of the target.

“Business tax remains to be our biggest share of revenues, and I am glad that our efforts to make it easier and more convenient to do business in the city have translated to sustained revenue growth,” Mayor Abby said.

She recalled that the city had attained 56 percent of its revenue target last February, collecting a total of P9.51 billion which topped by 11 percent the amount collected in the same period last year.

Mayor Binay also noted that the city has already surpassed its target revenue collection from real property tax, posting P4,843,474,149.46 as of end-July, or over one percent higher than the target of P4,785,000,000.

“We are expecting the figures for realty tax to go higher in the coming months, especially since we will soon publish the list of delinquent properties that will be put up for public auction sometime this November,” Mayor Binay said.

Data from the Business Permits and Licensing Office (BPLO) showed that as of August 22, there are 3,466 new business registrants in the city, with combined capital investment amounting to P34 billion. In the same period, 34,755 have renewed their business permits, with combined gross sales of P1.4 trillion.

At present, the city government is developing the enhanced Business Permit and Licensing system or e-BPLS, a computerized system that will provide easy access to business permits through different platforms.

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