Makati exceeds revenue target in 2024 by 31 percent
Makati City Mayor Abby Binay. FILE PHOTO
MANILA, Philippines — The local government of Makati reached over P24.15 billion in revenue last year, exceeding its target by 31 percent, according to Mayor Abby Binay.
In a statement on Monday, Binay said the revenue sources consist of collections from January to December.
She disclosed that the highest collection came from Business Tax with P11.9 Billion or 118 percent of the target, followed by the Real Property Tax with P9.01 Billion or 184 percent of the target.
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“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 the quality of life in the city,” Binay said in a statement released on Monday.
Article continues after this advertisementCiting the city’s Business Permit and Licensing Office, the mayor said 4,944 new businesses registered and 35,076 renewed business permits as of December last year.
Article continues after this advertisement“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,” the statement further said, quoting a report from City Treasurer Jesusa Cuneta.
Aside from this, the city earned P891.50 million from Fees & Charges and P389.11 million from Economic Enterprises, while the rest of the revenue collections for last year were from Interest Income (P583.8 million), National Tax (P1.0 billion), Share from Economic Zone (P339.44 million) and Share from Philippine Charity Sweepstakes Office (P8.18 million).
In May 2024, the Department of Finance Bureau of Local Government Finance reported that Quezon City, Makati City, and Taguig City were the top revenue earners in Metro Manila in 2023 — the year following the COVID-19 pandemic.
The said cities posted a double-digit Annual Revenue Income (ARI) growth.
The data showed that Quezon City topped the 17 local government units in the National Capital Region with 27.41 billion pesos in ARI in 2023, followed by Makati (19.36B), Taguig (13.54B), Pasig (13.13B), and Manila (12.43B).
