Makati City Mayor Abby Binay announced on Thursday, Oct. 19, that the city surpassed its 2023 revenue target by 13 percent and its business tax collection increased by 41 percent in the third quarter of the year.

Mayor Abby Binay

According to Binay, Makati has collected a total of P20,051,906,452.22 as of Sept. 30, posting a 21 percent increase from the same period last year. On the other hand, its business tax collection also reached P11,211,357,657.95 as of end of September.

“Clearly, Makati’s local economy has regained its vibrancy and is now growing by leaps and bounds. We are again posting double-digit growth in revenues from local sources, especially from Business Tax which nearly doubled even before yearend,” Binay said, citing the latest report from the Office of the City Treasurer.

She added the Business Permit and Licensing Office (BPLO) has reported a total of 3,791 new registered businesses and 35,440 with renewed business permits as of end of September.

The new enterprises chalked up a total of P25.47 billion in capital investments, while total gross sales of existing businesses reached P1.65 trillion this third quarter.  

 “It is gratifying to see how fast businesses in the city are recovering, and how investor confidence has rebounded in the past months. We are inspired all the more to pursue innovations in the way we serve our stakeholders to make the experience as convenient and seamless as possible,” the mayor explained.

Binay cited the city's capability to sustain its enhanced social programs while promoting a transparent and digitally transformative governance.

City Treasurer Jesusa Cuneta reported that business tax comprised the bulk of the revenue collection, followed by real property tax with P6,013,599,432.53, which is 125 percent of target and four percent higher than the same period last year.

Cuneta added collections from business and realty taxes have also been driven by the continuing intensive effor of the city’s Finance Department to serve notices of delinquent payments to business owners and real property owners in the city.

The city’s local revenue sources which posted a 24-percent increase overall include fees and charges with P753.72 million, and economic enterprises, P289.59 million. From other sources, the city got P1.25 billion in National Tax Allotment (NTA), P232.41 million as share from Economic Zone (PEZA), and P297.49 million from interest income.

 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).

Since 2017 under Mayor Abby's administration, the city government has been instituting reforms to promote transparency, accountability, and efficiency in operations at city hall.

For six straight years now, the city has obtained an “unmodified opinion" from the Commission on Audit (COA).

According to COA, an unmodified or unqualified opinion is given to local government units (LGU) when the "auditor concludes that the financial statements are prepared in all material respects, in accordance with the applicable financial reporting framework."