Mayor Binay: Makati hits 72% of 2023 revenue target in Q1

Makati City Mayor Abby Binay said Thursday the city is on its way to full recovery from the COVID-19 pandemic following the recorded growth in its total revenue collection.

Binay said the city has achieved 72% of its full-year revenue target of about P17.84 billion in the first quarter after its total collection reached P12,925,503,905.76 as of the end of March.

“By all indications, Makati is well on its way to full recovery from the pandemic. Once again, we are seeing double-digit growth in our total revenue collection as brisk business in the city attracts more new investors, while driving current businesses to expand,” she said in a press release.

“We are heartened by the remarkable results of reforms and innovations we have done to make our systems and processes more efficient, transparent, and sustainable. We thank the business community, property owners, and all Makatizens for supporting our initiatives and putting their trust in the city leadership,” she said. 

Binay noted that the city had topped its collection for the same period last year by 18%.

A report from City Treasurer Jesusa Cuneta stated that business tax collection increased by 33% or a total of P7.07 billion as of end-March compared to the P5.27 billion in March 2022.

The amount collected is also 71% of the full-year target of P9.90 billion for business tax.

Cuneta said collection from real property tax also increased by 6% with P4.84 billion collected, which is already 101% of target for the entire year.

Binay said she is expecting more positive outcomes amid the ongoing efforts of her governance "to effect digital transformation in local governance and public service in Makati City."

“With great optimism and confidence, we are forging ahead with Makati’s digital transformation. We believe it is indispensable to our successful transition to a veritable smart city – climate resilient, sustainable both economically and ecologically, and genuinely inclusive,” she said.—Anna Felicia Bajo/AOL, GMA Integrated News