Makati City Mayor Abby Binay announced on Wednesday, June 4, that the city has collected P14.24 billion of revenue as of the month of April, equivalent to 82 percent of its revenue goal for the year.

Binay said including external sources, Makati's total collection has already reached P15 billion, attributing the feat to the city’s continued financial stability and economic growth to digital innovations adopted by her administration for faster processing of business permits.

“The city continues to enjoy a stable revenue base for the past nine years owing, in large part, to our willingness to harness technology to make our transactions with the business sector more convenient, efficient, and transparent,” Binay said.

The mayor also underscored the impact of her administration’s firm resolve to keep up with national standards and policies set by regulatory bodies, such as the Anti-Red Tape Authority (ARTA) and the Commission on Audit (COA). 

“We have sustained Makati’s strength as a premier investment destination for both local and foreign investors by demonstrating our commitment to good governance and transparency,” she explained.

ARTA recently recognized Makati as an outstanding local government unit for being fully compliant with the Electronic Business One-Stop Shop (eBOSS) as mandated by the Ease of Doing Business and Efficient Government Delivery Act of 2018, or R.A. 11032.

"With faster turnaround time in the processing of business permit applications, both for new and renewal, Makati was able to register 1,962 new businesses and renew the permits of 35,019 existing businesses in the first five months of the year. New businesses chalked up P28.25 billion in investment capital, while existing businesses reported over P2.07 trillion in gross sales," the city government said.

The city's strict adherence to accounting and auditing standards has also earned an unmodified audit opinion, also known as unqualified opinion, from COA on its annual financial statements for seven consecutive years. 

"With the recently concluded COA exit conference, Mayor Abby is confident that Makati will get an unmodified opinion for 2024. Subsequently, the city Accounting Department will be qualified to receive the Platinum Award conferred by the Association of Government Accountants of the Philippines (AGAP, Inc.) on those that have earned its recognition as an “Outstanding Accounting Office” for eight consecutive years. An unmodified audit opinion is a significant factor in the selection process, along with other criteria that include accuracy, timeliness, reliability, and compliance with accounting rules and regulations," the local government unit (LGU) noted.

Digital platforms, such as the Makatizen Online Assessment and Payment Portal, and the Makatizen Hub satellite office launched in 2021 have also helped streamline business transactions and improve compliance, resulting in higher collection efficiency.

Based on the latest report from the Office of the City Treasurer, the Makati City has collected P8.73 billion in business taxes or 61.32 percent of the local revenue collection from January to April, which is also higher by seven percent than business tax collection for the same period last year.

Other locally sourced income consisted of P4.89 billion from Real Property Tax, P515.28 million from Fees and Charges, and P93.72 million from Economic Enteprises. The collection also includes Interest Income, P235.91 million; National Tax Allotment (NTA), P397.87 million; and Share from Economic Zone, P129.60 million.

Binay's administration had consistently made Makati exceed its annual revenue targets, growing its annual revenue collection from P15.08 billion in 2016 to over P24 billion in 2024.

The city has also been ranked first among cities by the Department of Finance (DOF) in sustaining its fiscal autonomy through local revenue sources and in posting the highest per capita spending for fiscal years 2022 and 2023.

It also posted a 6.3 percent growth in Gross Domestic Product (GDP) in 2023, outperforming the national GDP growth of 5.6 percent, already recognized as the fastest among major Asian economies. 

"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 projects. These initiatives 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.

"In 2023, Makati’s poverty incidence stood at zero point six percent (0.6 percent), the lowest it has ever been, and among the lowest among major cities. Its Human Development Index or HDI, which measures the quality of life of citizens based on the quality of health, education, and standard of living, also rose to zero point nine zero three ( 0.903). The HDI goalposts, set by the United Nations Development Program or UNDP, range from zero to one," she added.