Makati collects P11.9 B in 2013

MANILA, Philippines - The Makati City government has expressed optimism that it would be able to implement a number of capital-intensive projects this year yet still sustain its widely-acclaimed social programs after its total revenue collection reached P11.9 billion in December 2013, exceeding the annual target by 4.9 percent.

Mayor Jejomar Erwin Binay said investor confidence in the city remains strong as its revenues continue to increase year after year despite a moratorium on tax increases that has been in effect since its new Revenue Code took effect in 2006.

“We assure the business community that we have no intention of increasing tax rates this year,” he said.

Based on the report of city treasurer Nelia Barlis, the bulk of the revenue collection came from business and real property taxes.