Makati City Mayor Abby Binay said yesterday that the country’s premier business district already surpassed by 3 percent last 31 October its 2018 revenue collection target of P15.67 billion.
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Binay said the revenue milestone reflected the trust and confidence of private sector taxpayers in her reforms to promote efficiency and transparency in government transactions.
“We are heartened by the positive outcome of our efforts to strengthen the institutional integrity of the city government,” the mayor said. “Let me assure our residents that my administration will continue to implement and expand existing health, education and social services.”
Acting City Treasurer Jesusa Cuneta said the city collected P16,189,056,365 from January to October, or 103 percent of the 2018 target of P15,676,047,000.
Local sources propped the bulk of collections, led by business tax with P8.9 billion (100 percent of target) and followed by real property tax, almost P5.2 billion (113 percent of target). Other local revenue sources included fees and charges with P720 million and economic enterprise, P216.8 million.
Binay noted that new business registrants as of end-September reached 3,762, based on the records of the Business Permit Office (BPO). The new businesses have a combined capital investment of over P24.5 billion.
The number of permit renewals at the end of the third quarter reached 33,781, which was higher by 1,122 compared with the same period in 2017, BPO records showed.
Makati’s revenue collection from other sources for the 10-month period included P213 million from interest income and P948 million from internal revenue allotment (IRA).
Makati is among a few local government units in the country that are not dependent on the IRA.
Binay’s administration had waged a campaign against fixers to score high on ease of doing business and securing necessary permits to operate from the local government unit.
The mayor was especially proud of the “unqualified audit opinion” given the city by the Commission on Audit, the highest audit rating possible.