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Makati’s income up by 11% to P6.83B in February

Posted on April 6, 2015

By Christopher Lloyd T. Caliwan

MANILA, April 6 (PNA) — The city government of Makati announced on Monday that the total business tax collection of the city increased by 11 percent for the first two months of the year.

According to a report of the city Treasury Department, the substantial increase in business taxes collected has resulted in an 11 percent overall increase in the city’s total revenue collections for the said period, from P6.16 billion last year to P6.83 billion as of this February this year because of 567 newly-registered businesses in the city.

Noting the recent economic gains, Makati Mayor Jejomar Erwin S. Binay expressed hope that the current political standoff in the city government will soon be resolved before it could adversely affect local economic growth.

“We sincerely hope that the rule of law will finally prevail so we would no longer be at risk of losing investor confidence and thus sustain, if not enhance, the city’s excellent economic performance,” Binay said.

Business tax, the city’s largest local revenue source, contributed P3.38 billion or 49.5 percent of total income. The next biggest contribution came from realty tax, which posted an eight percent increase for the said comparative period, from P2.73 billion to P2.94 billion this February.

Binay attributed the substantial increase in the city revenues to strong investor confidence buoyed by efficient and transparent local governance that has allowed businesses located in Makati to thrive and expand with remarkable speed.

The mayor also underscored the strong commitment of the city government to continue providing quality services to Makati residents through various programs, projects and activities planned for the year.

“We intend to continue providing our constituents with the best public service possible, and we have ensured adequate funding for the initiatives contained in our investment plan for 2015,” Binay said.

Out of its total budget of P12.28 billion for the whole year, the city has allocated P2.45 billion for the health sector, P2.09 billion for education, and about P500 million for social welfare programs and services.

Other budgetary allocations include infrastructure development, P737.95 million, protective services, P542.19 million; environmental management, P705.33 million; and economic development, P86.5 million.

Since 2006, the city government has not raised its tax rates, yet it has consistently surpassed annual revenue targets and has never incurred a budget deficit for over two decades. Makati is also not dependent on the Internal Revenue Allotment (IRA) from the national government, which usually constitutes only around six percent of its annual total income. (PNA)

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