Makati City has achieved 61 percent of its 2025 revenue target within the first month of the year, with total collections reaching P11.77 billion as of 31 January 2025, officials announced Friday.

Mayor Abby Binay cited a report from the City Treasurer, highlighting an 8 percent increase in business tax collections compared to January 2024.

The city collected P6.99 billion in business taxes, up from P6.47 billion in the same period last year. Business tax remains the city’s largest local revenue source, with the city reaching 62 percent of its full-year business tax target in January.

“We are off to an excellent start this year, and we owe this largely to our business community that has been steadfast in its support and confidence in the city government throughout my term as Makati Mayor,” Binay said in a statement.

The city also reported a significant increase in gross sales reported by Makati businesses. From January to 20 February 2025, gross sales reached P2.05 trillion, surpassing the 2024 total of P1.87 trillion by 10 percent.

“In barely two months, gross sales of Makati businesses have surpassed their total earnings in 2024. It is really heartening to see that the local economy has fully recovered from the pandemic and is even stronger and more vibrant than ever,” said Binay.

According to Maribert Pagente, head of the Business Permit and Licensing Office, the city registered 439 new businesses as of 20 February, bringing in fresh capital investments of P3.34 billion.

From January to 20 February, a total of 33,453 businesses renewed their permits, with combined gross sales of P2.05 trillion.

City Treasurer Jesusa Cuneta reported a 2 percent increase in total collections from local sources, from P11.43 billion in January 2024 to P11.61 billion in January 2025.

Other local revenue sources include real property tax, which reached P4.23 billion, or 83 percent of the full-year target of P5.1 billion. The city collected P353.3 million from local fees and charges, P23.6 million from economic enterprises, and P58.3 million from interest earnings.

Makati remains one of the few local government units in the Philippines that is not heavily reliant on funds from the national government. In January, the city received P99.46 million in National Tax Allotment (NTA) and P2.47 million as a share from economic zones.

The strong revenue performance indicates a robust local economy and continued investor confidence in Makati City, officials said. The city government attributed the positive results to efficient tax collection and a supportive business environment.