Despite the coronavirus disease 2019 (COVID-19) pandemic, Makati City surpassed its 2020 revenue target as the total revenue collection of the city reached P18,150,510,850.72 last November, which is equivalent to 102 percent of its full-year target of P17.8 billion.
This was announced by Mayor Abigail Binay on Monday (December 28), saying she was heartened when she learned about the good news.
“It is such a relief to know that even with the restrictions imposed on businesses to curb the pandemic, our city has been able to achieve its overall revenue goal for 2020 before yearend. This encouraging development gives us good reason to be optimistic about brighter prospects for business and the local economy in 2021,” the mayor said in a statement.
In the report of City Treasurer Jesusa Cuneta, she said Makati City has attained 102 percent of its full-year revenue target, and exceeded its actual collections by three percent during the same period last year.
She noted that the bulk of collections came from business taxes amounting to P9.5 billion, and real property taxes worth almost P6 billion.
Moreover, the city government derived income from local revenue sources and other sources, including fees & charges (P609.2 million), and economic enterprises (P135.1 million).
Other sources of revenue include interest income (P233.4 million), internal revenue allotment (P1.2 billion), share from PEZA (P314.6 million), share from PAGCOR/PCSO (P4.1 million), and grants & donations (P110.8 million).
As of December 23, there were 2,789 new business registrants and 35,836 permit renewals, based on the Business Permit and Licensing Office (BPLO) records.
The new enterprises, meantime, chalked up a total of P29.8 billion in capital investments, while total gross sales of businesses that renewed their permits reached nearly P1.6 trillion.
This year, the city government launched technology-enabled programs that benefited Makati residents and taxpayers since the crisis started.
In June, Makati City established the Makatizen Online Assessment and Payment Portal through which residents and business owners can pay their real property and business taxes, using their smartphones or laptops. Thus, they no longer need to line up and observe physical distancing at City Hall.
Last September, Binay announced the launch of the P2.5-billion Makati Assistance and Support for Businesses (MASB) Program which aims to pump-prime the local economy and support local merchants, thus helping sustain and create jobs for residents.
Makati-registered businesses, through an online portal, can apply for grants ranging from P10,000 up to P100,000, depending on the type of business and number of employees who are Makati residents. The cash grant will be released directly to the employees and suppliers, as payment for their salaries and goods, respectively.
The local government has also established an online accreditation system for Makati-based suppliers of goods and services so they can qualify as beneficiaries of the grant through their business clients.
Through its PPP-led digital initiatives, Makatizen Card and Makatizen App, the city government was able to implement the P2.7-billion Makatulong P5K for 500K Makatizens. The program has afforded over 400,000 residents with safe and convenient access to P5,000-financial aid via G-Cash to date.