Expanding business and increasing real estate prices drove the revenue collection of Makati City past the PHP8-billion mark in the first half of 2013, six percent better than its performance in the same period last year.
In a statement, Makati Mayor Jejomar Erwin Binay pointed out that the nearly PHP8.1 billion in taxes collected within the city reflected the unwavering confidence that investors are putting in the country’s financial capital.
“Taxes from the business and realty sectors have consistently driven our revenue growth year after year for over two decades now,” Binay said. “It is but a reflection of the sustained confidence of investors and real property owners in our city as the undisputed prime investment destination in the country.”
Data from the City Treasurer’s Office showed that business taxes paid to the local government stood at PHP4.06 billion, six percent better than in the same period last year. It accounted for more than half of total revenues generated by the city government.
Real property taxes came in second with PHP3.03 billion collected, seven percent better than the first half of 2012.
Aside from business and real property taxes, other local sources of revenue for the city included P448.58 million from fees and charges, P115.56 million from economic enterprises, and P71.94 million from interest income.
Binay also said the city continues to depend less from internal revenue allotments, which amounted to about P360 million in the first half of the year. It represented about four percent of the city’s total collection.
The mayor cheered on the efficient collection program of the local government’ finance department, which ensures sufficient funding for the major programs of the city government this year. Among the project being implemented by City Hall is the upgrading of systems aimed toward more efficient and effective delivery of services, the official pointed out.
In the first six months of 2013, the city’s Business Permits Office recorded a total of 4,224 new businesses and 56,834 businesses that renewed their license to operate in the city. These added around P33.64 million in taxes to the city coffers, while renewals generated P4.53 billion in revenue during the first half.
Makati’s income from local sources has consistently topped that of other cities in Metro Manila. Since its new Revenue Code took effect in 2006, the city government put a moratorium on tax increases, yet its total revenue collections have continued to increase year after year. The city has also remained deficit-free for over two decades.–MM
