Makati exceeds P11.43-Billion collection target
Manila, Philippines – The Makati City government recorded total revenue collection of P11.46 billion as of end of November this year, four percent higher than the revenue collection for the same period last year.
Makati Mayor Jejomar Erwin S. Binay said the 11-month collection also exceeds by two percent its full year projection of P11,433,560,000 for 2013.
“The latest report from the City Treasurer augurs well for the people of Makati this 2014, as it assures them of the city’s financial stability that is necessary for the effective implementation of innovative programs and continuous delivery of basic services to them,” said Binay in a statement.
City Treasurer Nelia Barlis, in her report to Binay, said the bulk of the collection came from local sources led by Business Tax with P6,111,541,910, or seven percent higher than the collection as of end-November 2012.
The significant increase was attributed to sustained investor confidence, as indicated by an increase in total business registrants from 32,020 in 2012 to 33,116 to date. According to the Business Permits Office, the number of new businesses rose from 4,295 to 4,721, while renewals increased from 27,725 last year to 28,395 to date.
The city’s next biggest local revenue source is Real Property Tax with a total of P3,783,095,598, which is two percent higher than what was collected in the same period last year.
For the same comparative period, the city’s collection from miscellaneous fees and charges increased by seven percent, from P578.29 million to P616.18 million, while its earnings from economic enterprises amounted to P199.37 million, up one percent from P197.30 million as of November 2012.
On the other hand, Makati’s share from Internal Revenue Allotment (IRA) as of November dropped two percent to P649.19 million, which accounts for 5.66 percent of the city’s total revenue collection for the said period, down from 6.03 percent as of November 2012.
Since its new Revenue Code took effect in 2006, the city government has been implementing a moratorium on tax increases, yet its total revenue collection has continued to increase year after year. The city has also remained deficit-free for the past 27 years.