Makati City Mayor Abby Binay on Wednesday, August 28, said residents can expect more programs aimed at improving their quality of life as the city government was able to earn P16 billion in revenues as of end-June.
Mayor Abby Binay
This corresponds to 87 percent of its P18.42 billion full-year target while attaining 94 percent of its target revenue from local sources.
Despite the transfer of the 10-EMBO barangays to Taguig City's jurisdiction by the Supreme Court (SC) which corresponds to a 40-percent decrease in the National Tax Allotment (NTA) share of the city from the same period last year, Binay said there is a high probability that Makati will surpass its revenue target by yearend.
“The reduced share of Makati had minimal impact on our financial stability, and we are optimistic that we will again exceed this year’s revenue target. This means that we will be able to stay on track with the implementation of better programs and projects planned for the year until next year,” the mayor explained, noting that the city has nearly attained its revenue target from local sources in the first half of the year.
Based on the latest report from City Treasurer Jesusa Cuneta, the bulk came from Business Tax amounting to P8.6 billion, followed by Real Property Tax with P5.5 billion. The attainment rates for these local sources are 85 percent and 112 percent, respectively.
From other local revenue sources, the city gained P648.8 million from Fees & Charges and P232.2 million from Economic Enterprises.
Its earnings from Interest Income reached P317.8 million, while its income from external sources included P503-million NTA and P164-million share from Economic Zone (PEZA).
The Business Permit and Licensing Office (BPLO) also reported 4,043 new business establishments and 35,290 businesses that renewed their permits in the first semester with new businesses having a combined capital investment worth over P26 billion, while gross sales of existing businesses reached P1.88 trillion in the same period.
"The sustained growth of the city’s local economy has supported the trailblazing social programs of the city government and the completion of new infrastructure, such as the Makati Columbarium and the new police and fire central headquarters. These new facilities are aimed to improve quality of life and promote the safety and convenience of all stakeholders, while securing Makati’s stature as the premier investment destination in the country," Binay said.
The city government opened its Makati Columbarium on July 9 and is located along Kalayaan Avenue corner Nicanor Garcia St. in Barangay Valenzuela.
On the other hand, Makati's newest Central Police and Fire Stations were inaugurated on July 1. The stations are located in Barangay San Antonio.
READ MORE: https://mb.com.ph/2024/6/30/mayor-abby-inaugurates-makati-city-s-newest-central-police-fire-stations