The city of Makati surpassed by 8.8 percent its revenue goal for 2014 with a total revenue collection of P12.79 billion, sourced mainly from the business and realty taxes paid by business owners and real property owners in the city.
City Treasurer Nelia Barlis said Makati residents can look forward to more innovative programs and services from the city government with adequate funding assured for its 2015 budget of P12.2 billion.
Barlis said for the past 28 years, Makati’s annual revenue collection has consistently grown even during times when the country was faced with financial crises and political upheavals.
She said the city’s financial stability was buoyed by strong investor confidence as shown by the increase in its business tax collections and the significant number of new business registrants each year. Last year, the city Business Permits Office registered a total of 4,618 new businesses.
Compared to 2013, last year’s total revenue collection increased by seven percent, from P11.99 billion to P12.79 billion. The biggest collection came from business tax which increased by seven percent to P6.58 billion, or 51.4 percent of total revenue. Real property tax increased by eight percent to P4.49 billion, making up 35.1 percent of total income for the year. From other local sources, the city collected P638.21 million from fees and charges and P243.53 million from economic enterprises.
Starting in January, the city expanded its computerized barangay real property tax payment system by establishing 17 more satellite payment centers in the barangays. These are open on scheduled dates on the first month of every quarter to accept tax payments from real property owners.