The city government of Makati has surpassed its 2023 revenue target by 13 percent and posted a 41-percent increase in business tax collection in the third quarter of the year.

Makati City Mayor Abby Binay said that based on the latest report from the Office of the City Treasurer, the city has collected a total of P20,051,906,452.22 as of 30 September, posting a 21-percent increase from the same period last year. Its Business Tax collection also increased by 41 percent, reaching P11,211,357,657.95 as of end-September.

"Clearly, Makati's local economy has regained its vibrancy and is now growing by leaps and bounds. We are again posting double-digit growth in revenues from local sources, especially from Business Tax which nearly doubled even before yearend," Mayor Abby said.

A total of 3,791 new businesses registered according to the Business Permit and Licensing Office and 35,440 with renewed business permits as of end-September.

The new enterprises chalked up a total of P25.47 billion in capital investments, while total gross sales of existing businesses reached P1.65 trillion this third quarter.

"It is gratifying to see how fast businesses in the city are recovering, and how investor confidence has rebounded in the past months. We are inspired all the more to pursue innovations in the way we serve our stakeholders to make the experience as convenient and seamless as possible," Mayor Abby said.

The mayor said with its robust revenue growth, the city can sustain its enhanced social programs, while promoting a transparent and digitally transformative governance.

City Treasurer Jesusa Cuneta reported that Business Tax comprised the bulk of the revenue collection, followed by Real Property Tax with P6,013,599,432.53, which is 125 percent of target and four percent higher than the same period last year.

She said collections from business and realty taxes have also been driven by the continuing intensive drive of the city's Finance Department to serve notices of delinquent payments to business owners and real property owners in the city.

The city's local revenue sources which posted a 24-percent increase overall include Fees and Charges with P753.72 million, and Economic Enterprises, P289.59 million. From other sources, the city got P1.25 billion in National Tax Allotment, P232.41 million as share from Economic Zone (PEZA), and P297.49 million from Interest Income.

Makati continues to be among few local government units in the country that are not dependent on the NTA (formerly Internal Revenue Allotment or IRA).