The local government of Makati City announced on Wednesday that its strict adherence to accounting and auditing standards has also resulted in an unmodified audit opinion from the Commission on Audit (CoA) on its annual financial statements for seven consecutive years.
Following a recent CoA exit conference, outgoing Makati Mayor Abby Binay expressed confidence that Makati would receive an unmodified opinion for 2024 as it would qualify the city’s Accounting Department for the Platinum Award from the Association of Government Accountants of the Philippines (AGAP Inc.), recognizing “Outstanding Accounting Offices” for eight consecutive years.
Also, Binay reported that the local government has already reached 82 percent of its 2025 revenue target from local sources, collecting P14.24 billion as of April and including external sources, the city’s total collection for the year has reached P15 billion.
She attributed the city’s robust financial stability and economic growth to digital innovations implemented by her administration, which have streamlined business permit processing.
“The city continues to enjoy a stable revenue base for the past nine years owing, in large part, to our willingness to harness technology to make our transactions with the business sector more convenient, efficient and transparent,” Binay said.
She also highlighted her administration’s commitment to adhering to national standards and policies set by regulatory bodies such as the Anti-Red Tape Authority (ARTA) and the CoA.
“We have sustained Makati’s strength as a premier investment destination for both local and foreign investors by demonstrating our commitment to good governance and transparency,” Binay said.
Recently, ARTA recognized Makati as an outstanding local government unit for its full compliance with the Electronic Business One-Stop Shop (eBOSS), mandated by the Ease of Doing Business and Efficient Government Delivery Act of 2018 (Republic Act 11032).
Faster turnaround times for business permit applications, both new and renewals, led to the registration of 1,962 new businesses and the renewal of permits for 35,019 existing businesses in the first five months of the year.
New businesses generated P28.25 billion in investment capital, while existing businesses reported over P2.07 trillion in gross sales.
Meantime, digital platforms like the Makatizen Online Assessment and Payment Portal and the Makatizen Hub satellite office, launched in 2021, have further streamlined business transactions and improved compliance, leading to higher collection efficiency.
According to the Office of the City Treasurer, the city collected P8.73 billion in business taxes from January to April, representing 61.32 percent of local revenue collection, which marks a 7 percent increase in business tax collection compared to the same period last year. Other locally sourced income included P4.89 billion from Real Property Tax, P515.28 million from Fees and Charges, and P93.72 million from Economic Enterprises.
Additional collections included P235.91 million from Interest Income, P397.87 million from the National Tax Allotment and P129.60 million as a Share from Economic Zone.
Since Binay’s election, Makati has consistently surpassed its annual revenue targets, with collections growing from P15.08 billion in 2016 to over P24 billion in 2024.
The Department of Finance has ranked Makati first among cities for sustaining fiscal autonomy through local revenue sources and for posting the highest per capita spending for fiscal years 2022 and 2023.