havefun888 Makati exceeds revenue target in 2024 by 31 percent
2025-01-28 05:30:59
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.
nolimit city Article continues after this advertisementShe 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.
Unemployment among young people and college graduates jumped from 13.2% in June to 17.1% in July, as some 12 million students entered the labour market, before the August figure rose to its highest level since the National Bureau of Statistics decided to change the methodology to not include students in December 2023.
Alexander said Britain’s 2016 vote to leave the EU caused “significant disruption” to its trade policy and the country needed to recalibrate its global trade outlook.
Article continues after this advertisementAside 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.
Article continues after this advertisementThe 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).
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