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.
“We had huge overhead expenses and two percent of the gross is paid to the barangays,” Say said.
Mapma handles four areas—Chinatown in Binondo, Ermita in Malate, Legarda and Tayuman. The company, which has been operating for two years, uses metered parking machines and charges P30 for every three hours.
The company was allowed to handle parking areas in Manila through Ordinance 7815, the law creating the Manila Traffic and Parking Bureau. This was revised by Ordinance 8327, which allows a private entity to maintain and operate street parking within the city.