Makati City posts P12.9-billion revenues in Q1, hitting 72% of 2023 target

MANILA, Philippines – Makati City is set to surpass its revenue target of P17.8 billion in 2023 after collecting 72% of that amount in the first quarter alone.

City Treasurer Jesusa Cuneta said their total collection reached P12.9 billion. Of the total, business tax collection was at P7.1 billion, a 33% increase from the P5.3 billion in March 2022. The business tax collected in the first quarter is also 71% of the full-year target of P9.9 billion.

Collection from real property taxes increased by 6% to P4.8 billion, which is already 101% of the target for the entire year.

Other local revenue sources include fees and charges at P441.5 million, and economic enterprises, P100 million. From other sources, the city got P417.9 million in national tax allotment, P30.8 million as share from the Philippine Economic Zone Authority, and P83.89 million from interest income.

Makati City also reported 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. 

“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,” Makati City Mayor Abigail Binay said.

Makati City’s revenue report comes as the Supreme Court (SC) affirmed that Bonifacio Global City and several of its surrounding barangays are under the jurisdiction of Taguig City. This decision has been a hot topic for both cities as they govern the country’s richest central business districts.

The SC decision will also affect thousands of residents who enjoy unique medical benefits and financial benefits for senior citizens, students, and solo parents, under the administration of Makati City. –Rappler.com