spot_img
28.9 C
Philippines
Sunday, June 16, 2024

Makati reports revenues hit P12.9b in March

- Advertisement -

The Makati City government on Thursday announced it has achieved 72% of its P17.8 billion full-year revenue target after collecting P12.9 billion as of the end of March.

Mayor Abigail Binay said the city topped its collection for the same period last year by 18%, based on the latest revenue report from the Office of the City Treasurer.

“By all indications, Makati is well on its way to full recovery from the pandemic. Once again, we are seeing double-digit growth in our total revenue collection as brisk business in the city attracts more new investors, while driving current businesses to expand,” Binay said.

City Treasurer Jesusa Cuneta said business tax collection increased by 33% or a total of P7.07 billion as of end-March, compared to P5.27 billion in March 2022. The amount collected is also 71% of the full-year target of P9.90 billion for business tax.

Cuneta said collection from real property tax also increased by 6% with P4.84 billion collected, which is already 101% of target for the entire year.

She also noted increased collection from business tax paid through the Makatizen Online Assessment and Payment Portal, which was established in June 2020 at the height of the pandemic.

From P6.11 million recorded in the first quarter of 2022, online business tax payments nearly quadrupled with P28.92 million collected as of end-March.

Other local revenue sources include Fees and Charges with P441.53 million, and Economic Enterprises, P100.15 million. From other sources, the city got P417.9 million in National Tax Allotment (NTA), P30.8 million as share from Economic Zone (PEZA), and P83.89 million from Interest Income.

Based on the records of the Business Permits Office (BPO), there were 1,343 new business registrants in the first quarter of the year. Their combined capital investment reached over P5.9 billion. A total of 34,436 businesses renewed their business permits, and reported combined sales of over P1.64 trillion in 2022.

Mayor Binay said she expected more positive outcomes from ongoing efforts of her administration to effect digital transformation in local governance and public service in Makati.

“With great optimism and confidence, we are forging ahead with Makati’s digital transformation. We believe it is indispensable to our successful transition to a veritable smart city – climate resilient, sustainable both economically and ecologically, and genuinely inclusive,” the city chief executive said.

Makati remains among a few local government units in the country that are not dependent on the NTA (formerly called Internal Revenue Allotment or IRA).

Under the leadership of Mayor Binay since July 2016, the city government has implemented reforms at City Hall to facilitate business registration and promote transparency, including an aggressive campaign against fixers.

For five straight years, the city government received an “unmodified opinion” from the Commission on Audit after a review of its annual financial statements for fiscal years 2017 to 2021.

LATEST NEWS

Popular Articles