MAKATI City said it hit its 2018 revenue target with two months left in the year, raising P16.19 billion in the 10 months to October to beat the full-year goal by 3%.
City treasurer Jesus Cuneta announced the 10-month collection level in a report.
According to the report, business tax accounted for P8.9 billion of the total, up from 8.2 billion a year earlier. Meanwhile, real property tax totaled P5.2 billion, down from P5.4 billion a year earlier.
The city raised P720 million from fees and charges. Other income sources, including the internal revenue allotment from the national government, accounted for P948 million, while interest income generated P213 million.
Mayor Abigail Binay-Campos said in the report that new business registrations hit 3,762 as of the end of September, citing the records of the Business Permit Office (BPO). The registrants made combined capital investments of over P24.5 billion.
The number of permit renewals at the end of the third quarter was 33,781, it said. — Vince Angelo C. Ferreras
