Makati Mayor Abby Binay announced today that the city has collected P16 billion in revenue as of the end of June, achieving 87 percent of its P18.42-billion full-year target and 94 percent of its target revenue from local sources.

Despite a 40-percent decrease in the National Tax Allotment (NTA) share from the same period last year, resulting from the transfer of 10 EMBO barangays, the mayor expressed confidence that the city will surpass its revenue target by year-end.

"The reduced share of Makati had minimal impact on our financial stability, and we are optimistic that we will again exceed this year’s revenue target. This means that we will be able to stay on track with the implementation of better programs and projects planned for the year until next year,” Mayor Binay said.

According to the latest report from 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 are 85 percent and 112 percent, respectively.

From other local revenue sources, the city earned P648.8 million from Fees & Charges and P232.2 million from Economic Enterprises. Earnings from Interest Income reached P317.8 million, while income from external sources included P503 million NTA and a P164-million share from the Philippine Economic Zone Authority (PEZA).

The Business Permit and Licensing Office (BPLO) reported 4,043 new business establishments and 35,290 businesses that renewed their permits in the first semester. The new businesses had a combined capital investment worth over P26 billion, while gross sales of existing businesses reached P1.88 trillion in the same period.

The Makati local government unit noted that local economy's sustained supports the city government's social programs and the completion of new infrastructure, such as the Makati Columbarium and the new police and fire central headquarters.