MAKATI City said it collected 83% of its P17.1 billion revenue target for 2019 in the seven months to July, driven by strong performances in business tax and realty tax.
In a statement Friday, the city government said it collected P14.2 billion during the period, well ahead of the pace on its 2019 goal.
“Business tax (had the) biggest share of revenue, and I am glad that our efforts to make it easier and more convenient to do business in the city have translated to sustained revenue growth,” Mayor Mar-Len Abigail Binay-Campos was quoted as saying.
Business tax accounted for P7.839 billion of the collections while real property tax generated P4.843 billion.
Other income sources were fees and charges, which raised P627.894 million; economic enterprises, P95.934 million, interest income P142.588 million, and the internal revenue allotment from the national government, P691.780 million.
The city is expecting to take in about P34 billion in capital investment, from the 3,466 newly-registered businesses as of Aug. 22.
Another 34,755 firms renewed business permits, the city said. They had combined gross sales of P1.4 trillion.
Makati had total assets to date of about P230 billion.
Ms. Binay said the city plans to auction properties it seized due to tax delinquencies in November. — Beatrice M. Laforga