PH’s richest city posts P815M increase in business, realty tax collections in January.
MAKATI Mayor Abby Binay yesterday said the city has exceeded by P815.6 million its total actual revenue collections from business and realty taxes in January last year, based on the initial report of the Treasury Department on actual collections this January.
The mayor said revenue from business tax increased by 12.17 percent while realty tax increased by 8.39 percent compared with actual collections for the same period last year.
“For the second time during my term as Mayor, the city has posted a two-digit increase in revenue collections. It is a clear proof that investor confidence in my administration continues to gain strength, as we actively pursue greater efficiency and transparency in governance,” Mayor Abby said.
The mayor thanked businesses and landowners in Makati for being “diligent and honest” in paying their taxes. “You have the heartfelt gratitude of the people of Makati for your contributions to the city’s financial stability that has guaranteed the continuity and sustainability of our major social programs, as well as the timely launch of high-impact innovations in the way we serve Makatizens,” she declared.
According to the report, the city Business Tax Division collected P4,758,218,187.11 from January 3 to 31, 2019, which is higher by P516,548,963.33 than the January 2018 collection of P4,241,669,223.78.
The Real Property Tax Division, on the other hand, collected P3,863,652,561.14, topping by P299,089,897.60 its January 2018 collection of P3,564,562,663.54.
Mayor Abby reiterated that the significant increase in revenues since she took office last July 2016 was a result of reforms she initiated at City Hall to make transactions more efficient and convenient for taxpayers, while promoting transparency and good governance. These include the establishment of a Business One-Stop Shop at the ground floor of City Hall Building II, and streamlining of processes for business permit renewal and new applications.
After Mayor Abby served her first full-year term as Mayor in 2017, the city achieved a 12-digit increase in revenue collections for the first time in the last 12 years.
The 2017 financial statements of the city also earned the “unqualified opinion” of the Commission on Audit (COA). It was the very first time that the city earned the highest audit rating given by the independent regulatory body.
For 2018, the city posted P17.8 billion in total revenue collections, which was 14 percent higher than its revenue target and five percent higher than its 2017 total collections. The bulk of revenues came from Business Tax with P9.1 billion, followed by Realty Tax with almost P6.2 billion.
Last year, COA confirmed that Makati is the country’s richest city, unseating Quezon City, with its total assets reaching P196.7 billion. It is also the first local government unit in the country to breach the P100-billion mark for assets, according to COA.