Acting Treasurer Jesusa Cuneta has reported that Makati City exceeded its revenue target for 2018 by at least eight percent as it collected P16,864,458,483.31 from January to November.
Cuneta said business tax remained the top contributor to the city’s coffers, with almost P9.1 billion collected, followed by real property tax with P5.5 billion.
Other local revenue sources included “fees and charges” with P750.9 million and Economic Enterprises with P246.9 million.
Reacting to Cuneta’s report, Mayor Abby Binay thanked the city’s taxpayers for their “consistently strong support” for the city government.
“We have already exceeded our full-year revenue target last November. Our revenues have mostly come from business and real property taxes and we are heartened by the strong support consistently shown by our taxpayers,” Binay said.
Cuneta pointed out that new business registrants as of the second week of December reached 4,770, with a combined capital investment of over P30 billion. Business permit renewals also reached 33,978 in the same period.
For the first time in 12 years, the city posted a two-digit increase (12 percent) in revenue collections in 2017.
Makati has also unseated Quezon City as the country’s richest local government unit, posting total assets worth P196.5 billion, and also became the first LGU to breach the P100-billion mark.
Under Mayor Binay, the city government has institutionalized the “Business One-Stop Shop” in line with the Ease of Doing Business and Efficient Service Delivery Act of 2018 (Republic Act 11032).
The ground floor of Makati City Hall Building II had been designated as the common site to process applications and payments, as well as the issuance of approved licenses, clearances and permits.
The process of renewal and application for new business permit has been streamlined into three steps: 1) Receiving of application and all requirements; (2) payment; and (3) issuance of the Business Permit.
With the simplified process, applicants with complete requirements can obtain their business permit in an hour.
Currently, the city is developing its enhanced Business Permit and Licensing System or e-BPLS, a computerized system that will provide easy access to business permits through different platforms.
Makati earned its first-ever “unqualified opinion,” the highest audit rating given by the Commission on Audit, based on the latter’s assessment of its 2017 financial statements.