‘Bagong Makati’ posts P14-B revenue for 2015

MANILA, Philippines - Makati City earned nearly P14 billion in total revenues for 2015, which is nine percent higher than its total earnings in 2014, according to a report from the Office of the City Treasurer.

In a statement to The STAR yesterday, Makati Mayor Romulo “Kid” Peña said he welcomed the positive development with “a combination of gratitude and vindication.”

“The city government under the New Makati administration is deeply grateful for the tangible support and confidence shown by the city’s foremost development partner, its thriving business community. We also feel vindicated by the increase in new investments and improved business retention in the city, proving our detractors and the doomsayers wrong,” Peña said.

The mayor said based on the records of the Business Permits and Licensing Office, some 4,211 new businesses registered brought in over P23 billion in paid-up capital in 2015, while over 30,000 existing businesses raked in around P1.1 trillion in estimated combined gross sales last year.

Peña attributed the city’s improved economic performance to the strong commitment of his administration to transparency and public accountability.

“For the past six months, we have put in place much-needed reforms intended to curb corruption and safeguard the city’s resources against abuse and misuse. We have established a transparent bidding process to ensure that our constituents and all target beneficiaries receive the best quality of services we can afford,” he said.

The mayor also gave credit to the enhanced efficiency in the processing of business permit applications and renewal, as well as in tax collection, for the significant increase in revenue.

In the report of city treasurer Amalia Santos to the mayor, business tax collection in 2015 increased by 10 percent compared to 2014, or a total of P7,269,958,966.76. Real property tax collection amounted to P4,824,440,124.43, a seven percent increase over the previous year.

The other local sources of income of the city include fees and charges with P630.9 million, and economic enterprises with P215.6 million. In all, locally sourced revenue of Makati amounted to P12.9 billion in 2015. The city also posted P128.4 million in interest income, and got P869.3 million as its share from the national government. Makati is one of the few local government units that are not dependent on the internal revenue allotment.

Peña reassured Makati’s constituents and stakeholders of his continuing commitment to promote good governance through transparency and equitable distribution of the city’s wealth, and urged them to actively take part in city building.

“Let us all join hands in building ‘Bagong Makati,’ a city where economic growth will have a meaningful impact on all, even the poorest families, and where everyone will have their fair share of the city’s abundant resources,” said the mayor.