Makati City residents can expect even better services this year as the city government announced Tuesday it exceeded its 2024 revenue target by 31 percent, reaching P24.15 billion.
Mayor Abby Binay attributed the strong financial performance to a thriving business community and dedicated taxpayers.
“Our financial performance in 2024 has surpassed expectations,” Binay said in a statement. “This is a testament to the resilience and dynamism of our business community and the dedication of our taxpayers.”
The city collected P11.9 billion from Business Tax — 118 percent of its target — and P9.01 billion from Real Property Tax which is 184 percent of its target, according to City Treasurer Jesusa Cuneta.
Meantime, the Business Permit and Licensing Office reported 4,944 new businesses registered and 35,076 renewed their permits by year’s end. The new enterprises brought in P38.2 billion in capital investments, while existing businesses generated 1.87 trillion pesos in gross sales.
Makati also collected P891.5 million from Fees & Charges and P389.11 million from Economic Enterprises. Other revenue sources included P583.8 million in Interest Income, P1 billion in National Tax Allotment, P339.44 million from Economic Zone shares and P8.18 million farom Philippine Charity Sweepstakes Office shares.
It remains among the few local governments in the Philippines that rely minimally on external revenue sources like the National Tax Allotment.
The Bureau of Local Government Finance ranked Makati highest among all cities in the country in 2023 for the ratio of local revenue sources to local current operating income, at 90.60 percent.
According to the latest report from the Philippine Statistics Authority, Makati’s Gross Domestic Product (GDP) grew 6.3 percent in 2023, with the city’s economy valued at 1.18 trillion pesos. The city also boasted the highest per capita GDP in the Philippines at 1.77 million pesos.
Binay’s leadership has translated the city’s economic prosperity into improved programs and services, enhancing the quality of life for Makati residents.