The Department of Finance-Bureau of Local Government Finance (DOF-BLGF) cited Parañaque as the sixth richest city nationwide in terms of locally sourced revenues (LSR) during the fiscal year 2021.

BLGF executive director Niño Raymond Alvina said Parañaque earned P6.2 billion in local revenue generation in 2021, according to the Facebook page of City Treasurer Dr. Anthony Pulmano.

Pulmano said the tax income came from real property tax, business tax, other taxes, and non-tax revenues.

He said the report also bared the top 10 provinces, cities, and municipalities in 2021.

The selection was based on the performance areas of nominal locally sourced revenue (LSR), collection efficiency of LSR, and year-on-year growth in LSR.

Pulmano said the excellent governance initiatives implemented by then Mayor Edwin Olivarez helped Paranaque top the list of local government units (LGUs) nationwide in terms of LSR during the fiscal year 2021.

Pulmano said under Olivarez's leadership, the city had so far generated more than P20 billion in real property taxes from the year 2013 to 2021, and posted almost P4 billion in business tax collections in 2020.

The city is also completely debt-free, he added.

Pulmano also thanked the income generating offices in the city government -- Business Permit and Licensing Office (BPLO), Assessor’s Office, and the Office of Building Officials.

He also expressed optimism that under the leadership of now city Mayor Eric Olivarez, they will get the same revenue increases and recognition for fiscal years to come as the city is “now on the right track in surpassing its own tax collection target.”

Pulmano’s exemplary performance in tax collection turned Parañaque City from a sleepy town three decades ago into one of the richest cities in the Philippines.

Olivarez also noted that the increasing number of local and foreign investors and other business establishments operating in the city before the pandemic also contributed to the hefty tax haul.