By Joseph Almer Pedrajas
The city government of Makati has already collected 98 percent of its P17.12 billion revenue target for the year 2019.
Mayor Abigail “Abby” Binay said that, based on the latest report from the City Treasurer’s department, the revenue collections reached P16.8 billion as of October 31.
Binay added that the biggest chunk of revenue collections were from the tax collected from businesses, which amounted to P9,354,986,068.
“Our business sector continues to make the biggest contribution to the city’s coffers, with thousands of new businesses locating here, while tens of thousands more continue to grow their investments with us,” she said.
Records from the Business Permit and Licensing Office (BPLO) showed that as of November 26, there were 4,936 newly business registrants and 34,904 permit renewals.
Meanwhile, the latest Treasurer’s report also showed that the city achieved a hundred percent of its target for locally-sourced revenue. This consisted of Business Tax, Real Property Tax, Fees & Charges and Economic Enterprise.
From January to October, the city collected P5.37 billion in realty taxes, or 112.5 percent of its target Real Property Tax collection for the year amounting to P4.78 billion.
From other local sources, the city earned P757.39 million from Fees & Charges and P139.9 million from Economic Enterprises.
The rest of the city’s revenue collections for the same period were from the Interest Income amounting to P202.5 million and Internal Revenue Allotment (IRA) with P988.2 million.