Parking firm remits P20M to Manila

The Manila Parking Management or Mapma, a private parking firm, earned P100 million in 2014 from parking fees and remitted P20 million to the city government.

Morgan Say, chief executive officer of Tokagawa Global Corp., which manages Mapma, clarified that despite their huge collection of parking fees, the firm only had P5 million net income. He said before their entry, the Manila city government spent P40 million in the maintenance of parking areas.