Makati exceeds 2018 revenue goal as of November

The city government of Makati has exceeded its revenue goal for 2018 as early as end-November.

“We have already exceeded our full-year revenue target last November. Our revenues have mostly come from business and real property taxes, and we are heartened by the strong support consistently shown by our taxpayers,” Makati City Mayor Abigail "Abby" Binay said in a statement issued on Friday.

Data from the city's treasurer showed Makati collected P16,864,458,483.31 in revenues from January to November, 8 percent higher than its full-year 2018 goal.

Business tax remained the top contributor to the city’s coffers, with almost P9.1 billion collected, followed by real property tax with P5.5 billion.

Other local revenue sources include fees and charges with P750.9 million and economic enterprises with P246.9 million.

New business registrants as of the second week of December reached 4,770, with combined capital investment amounting to over P30 billion, the Makati City local government unit said.

Business permit renewals totaled 33,978 in the same period, it added.

"Under the administration of Mayor Abby, the city government has institutionalized the 'Business One-Stop Shop' (BOSS) in line with the Ease of Doing Business and Efficient Service Delivery Act of 2018 (RA 11032)," the Makati City government said.

Makati has unseated Quezon City as the country’s richest local government unit, posting total assets worth P196.5 billion, and also became the first LGU to breach the P100-billion mark. —Ted Cordero/KG, GMA News