Makati surpasses 2024 revenue target by 31%

The Makati City government exceeded its 2024 revenue target by 31%, achieving total collections of P24.15 billion, Mayor Abby Binay announced on Monday.

Citing the city treasurer, Binay said local revenue sources made up the majority of collections from January to December, with Business Taxes contributing P11.9 billion—118% of the target. Real Property Taxes followed, generating P9.01 billion, which is 184% of the target.

“Our financial performance in 2024 has surpassed expectations, thanks to our thriving business community and dutiful taxpayers. It means that residents and other stakeholders of Makati can expect more innovations and better services this year to further improve quality of life in the city,” Binay said in a statement.

The Business Permit and Licensing Office reported that as of December 2024, a total of 4,944 new businesses were registered, while 35,076 business permits were renewed.

In addition to local revenue, Makati's collections for 2024 included P583.8 million from Interest Income, P1 billion from the National Tax Allotment, P339.44 million from its share in the Economic Zones, and P8.18 million from its share of Philippine Charity Sweepstakes Office (PCSO) earnings.

Binay also highlighted that Makati posted the highest ratio of local revenue sources to local current operating income among all cities in the Philippines in 2023, with a ratio of 90.60%. — DVM, GMA Integrated News