Makati reports growth in January-August tax collection

MANILA, Philippines – The transparent and good governance being implemented in the city government of Makati is now gaining ground after the Office of the Mayor through its Treasury Department recorded an immense growth in tax collection for the period of Jan. 2 to Aug. 20, amounting to a total of P11,053,533,515.

Citing a report from the Treasurer’s Office, Acting Mayor Romolu V. Peña said the city government already achieved 90 percent of its projected target of P12,284,535,000 for Fiscal Year 2015 – an indication of a robust economy buoyed by increased trust and confidence of the business community and stakeholders in the city government.

He said the bulk of collection came from business tax with a total of P5,946,692,720.76, followed by real property tax (RPT) with P2,478,490,843.94; fees and charges, P547,881,440.06; and economic enterprise, P140,357,538.66.

“With the increasing efficiency in business permits processing and in the collection of business and realty taxes, I am certain we can surpass the 8.8 percent increase they posted last year because we still have over four more months of collection period for the year,” Peña said.

The acting mayor thanked the business community for paying their taxes religiously and assured them of efficient utilization of such funds beneficial to both the taxpayers and Makati constituents.

“Rest assured that under the Bagong Makati’s guiding service principle, we shall serve with transparency, fairness and integrity. Everyone can stand proud because equal services will be delivered to the business community and all the people of Makati. Regardless of status and color, together we will enjoy the good life,” he added.

Makati’s annual revenue collection has consistently grown for the past several years even during times when the country was faced with financial crises and political upheavals. Makati City has also remained deficit-free for over two decades now.

Even without increasing its tax rates since the revised Revenue  Code was implemented in 2006, the city government has consistently beaten its targets because of increasing efficiency in business permits processing and in the collection of business and realty taxes.