The City of Makati on Monday announced it had surpassed its P17.8 billion revenue goal this year, collecting more than P18.1 billion as of November.
Mayor Abigail Binay said she was heartened to learn that the city government has managed to meet the target for the year despite the pandemic.
“It is such a relief to know that even with the restrictions imposed on businesses to curb the pandemic, our city has been able to achieve its overall revenue goal for 2020 before yearend. This encouraging development gives us good reason to be optimistic about brighter prospects for business and the local economy in 2021,” she said.
Based on the report from City Treasurer Jesusa Cuneta, Makati has achieved 102 percent of its full-year revenue target and exceeded by three percent its actual collections during the same period in 2019.
The bulk of collections came from business taxes amounting to P9.5 billion, and real property taxes worth almost P6 billion.
The city government also derived income from local revenue sources and other sources, including fees and charges (P609.2 million), and economic enterprises (P135.1 million). Other sources of revenue included interest income (P233.4 million), internal revenue allotment (P1.2 billion), share from Philippine Economic Zone Authority (P314.6 million), share from Philippine Amusement and Gaming Corporation and Philippine Charity Sweepstakes Office, (P4.1 million), and grants and donations (P110.8 million).
Records of the Business Permit and Licensing Office showed that as of December 23, there have been 2,789 new business registrants and 35,836 permit renewals. The new enterprises chalked up a total of P29.8 billion in capital investments, while total gross sales of businesses that renewed their permits reached nearly P1.6 trillion.
This year, the city launched technology-enabled programs that have benefited residents and taxpayers since the crisis started.
Last June, the city government established the Makatizen Online Assessment and Payment Portal through which residents and business owners can pay their real property and business taxes, using their smartphones or laptops. Thus, they no longer need to line up and observe physical distancing at City Hall.
Last September, Mayor Binay announced the launching of the P2.5-billion Makati Assistance and Support for Businesses Program. It aims to pump-prime the local economy and support local merchants, thus helping sustain and create jobs for residents.
Through an online portal, Makati-registered businesses can apply for grants ranging from P10,000 up to P100,000, depending on the type of business and number of employees who are Makati residents. The cash grant will be released directly to the employees and suppliers, as payment for their salaries and goods, respectively.
The local government has also put up an online accreditation system for Makati-based suppliers of goods and services so they can qualify as beneficiaries of the grant through their business clients.
Through its PPP-led digital initiatives, Makatizen Card and Makatizen App, the city government was able to implement the P2.7-billion Makatulong P5K for 500K Makatizens. The program has afforded over 400,000 residents with safe and convenient access to P5,000-financial aid via GCash to date.