Makati City Mayor Abigail Binay is optimistic her administration will hit and surpass its P17.12-billion revenue goal for this year as the city government already collected 98 percent of the target as of Oct. 31.
Binay said based on the latest report from the City Treasurer, the revenue collections of the city reached P16.8 billion last October, with the biggest chunk contributed by Business Tax.
She noted that actual collections from Business Tax for the said period amounted to P9,354,986,068.13, which was 95 percent of the full-year target of P9,810,018,000.
“Our business sector continues to make the biggest contribution to the city’s coffers, with thousands of new businesses locating here, while tens of thousands more continue to grow their investments with us,” the city chief executive said.
Records of the Business Permit and Licensing Office show that as of Nov. 26, there have been 4,936 new business registrants and 34,904 permit renewals.
The new enterprises chalked up a total of P40.47 billion in capital investments, while total gross sales of businesses that renewed their permits reached P1.41 trillion.
The latest Treasurer’s report also showed that the city has achieved 100 percent of its target for locally sourced revenue consisting of Business Tax, Real Property Tax, Fees & Charges and Economic Enterprise.
From January to October, the city collected P5,370,855,848 in realty taxes, or 112.5 percent of its target RPT collection for the year amounting to P4,785,000,000.
From other local sources, the city earned P757.39 million from Fees & Charges and P139.9 million from Economic Enterprises.
The rest of the city’s revenue collections for the same period has been sourced from Interest Income amounting to P202.5 million and Internal Revenue Allotment, P988.2 million.