(Photo credit: Makati City)
QUEZON CITY (PIA) – Makati City on Thursday reported that it already surpassed its revenue collection target for 2023, having more allocation for the expansion and improvement of services for its residents.
According to the report, the city collected a total of P20.05 billion in revenue, exceeding its goal for the whole year.
The growth was mainly attributed to the P11.2 billion business tax collected, which is 41 percent higher than that of last year.
A total of 3,791 new businesses was also established and over 35,000 renewed business permits contributed to the increase.
In a statement on Monday, Makati City Mayor Abby Binay stated that the increase in revenue will bring more improved services to the residents.
“Dahil sa masiglang revenue collection mas marami po tayong budget na pwedeng magamit para sa pag-e-expand at pagpapaganda ng serbisyo,” she said.
“Kampante ang mga Proud Makatizen na tuluy-tuloy lang ang libreng gamot, Project FREE, at iba pang natatanging social services na ibinibigay natin sa mga residente, at climate action initiatives tulad ng paggamit ng solar panels at iba pang mga hakbang upang maisulong ang transition natin sa renewable energy,” Binay added.
Local Government Units (LGUs) obtain their revenues from local and external sources.
Local sources comprise of real property tax and business tax, fees and charges, receipts from government business operations and sale of assets.
While externally sourced income includes the Internal Revenue Allotment (IRA), shares under special laws, grants, aids, and other transfers. (PIA-NCR)
