Makati breaches 2024 revenue target - Mayor Abby


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Mayor Abby Binay

Makati City Mayor Abby Binay said on Monday, Jan. 27, that the city has breached its 2024 revenue target by 31 percent after collecting P24,151,652,347 last Dec. 31, 2024.

Based on the report of the City Treasurer, Makati's local revenue sources comprised the bulk of collections from January to December, led by Business Tax with P11.9 billion or 118 percent of target. Real Property Tax came next with P9.01 billion or 184 percent of target. 

“Our financial performance in 2024 has surpassed expectations, thanks to our thriving business community and dutiful taxpayers. It means that residents and other stakeholders of Makati can expect more innovations and better services this year to further improve quality of life in the city,” Binay said. 

The Business Permit and Licensing Office (BPLO) has also reported a total of 4,944 new businesses registered and 35,076 with renewed business permits as of end-December.

The new enterprises chalked up a total of P38.2 billion in capital investments, while total gross sales of existing businesses reached P1.87 trillion at yearend.

City Treasurer Jesusa Cuneta said that the city has achieved 139 percent of its target for locally-sourced revenue consisting of Business Tax, Real Property Tax, Fees & Charges and Economic Enterprise. 

From other local sources, the city earned P891.50 million from Fees & Charges and P389.11 million from Economic Enterprises.

The rest of Makati’s revenue collections for 2024 has been sourced from Interest Income amounting to P583.8 million, National Tax allotment of P1.0 billion, Share from  Economic Zone, P339.44 million, and Share from PCSO, P8.18 million.

Makati also remains among the few local government units (LGUs) in the country that are not dependent on external sources of revenue such as the National Tax Allotment, a big milestone under Mayor Abby's administration.

The city has also posted the highest ratio of local revenue sources to local current operating income among all cities in the country in 2023, with a ratio of 90.60 percent according to the Bureau of Local Government Finance (BLGF).

"Based on the latest report of the Philippine Statistics Authority, Makati posted a 6.3 percent growth in Gross Domestic Product (GDP) in 2023, with the city’s economy valued at PhP 1.18 trillion. The city also recorded the highest per capita GDP in the Philippines at P1.77 million," the city government said.

"To date, the city’s poverty rate is at its lowest at 0.6 percent, while its Human Development Index of 0.903 is among the highest in the country," it added.