The local government of Makati on Wednesday revealed that it has collected a total of P16 billion in revenues as of the end of June, which will be allocated to various programs aimed at improving the lives of its residents.

Makati Mayor Abby Binay announced that the revenue collection represents 87 percent of the city’s P18.42-billion full-year target and 94 percent of its target revenue from local sources.

Amid the Supreme Court’s decision to transfer the 10-EMBO barangays to Taguig City — which resulted in a 40 percent decrease in Makati’s National Tax Allotment (NTA) share compared to the same period last year — Binay expressed optimism that the city will surpass its revenue target by the end of the year.

The mayor said that the reduced NTA share had minimal impact on the city’s financial stability and that Makati remains confident in its ability to implement planned programs and projects.

According to City Treasurer Jesusa Cuneta, the bulk of the revenue came from Business Tax, amounting to P8.6 billion, followed by Real Property Tax at P5.5 billion. The attainment rates for these local sources were 85 percent and 112 percent, respectively.

Meantime, other local revenue sources contributed P648.8 million from Fees and Charges and P232.2 million from Economic Enterprises. Interest Income reached P317.8 million, while external sources included P503 million in NTA and P164 million in share from the Economic Zone (PEZA).

The Business Permit and Licensing Office, on the other hand, also reported 4,043 new business establishments and 35,290 businesses that renewed their permits in the first semester.

These new businesses had a combined capital investment worth over P26 billion, while gross sales of existing businesses reached P1.88 trillion during the same period.

“The sustained growth of the city’s local economy has supported the trailblazing social programs of the city government and the completion of new infrastructure, such as the Makati Columbarium and the new police and fire central headquarters,” Binay said.

“These new facilities are aimed to improve quality of life and promote the safety and convenience of all stakeholders, while securing Makati’s stature as the premier investment destination in the country,” she added.