MANILA, Philippines — The Makati government collected P20.92 billion in revenue last year, Mayor Abigail Binay reported on Tuesday.
Binay said the city surpassed its 2022 revenue collection target by 16 percent.
Collections from local revenue sources increased by nine percent compared to 2021.
“The significant increase in our locally sourced revenue collection from business and real property taxes in 2022 is a clear sign of the strong trust and confidence of Makati residents as well as the business community in the city government,” Binay said in a statement.
Citing data from the city treasurer’s office, Binay said most of the revenue collections came from business tax with P9.13 billion, up by 10 percent from 2021, followed by real property tax with P8.14 billion, seven percent higher than the previous year.
Revenue from other local sources also increased, including fees and charges at P744.2 million and economic enterprises at P340.7 million.
Binay lauded taxpayers and investors for their support as the city recovers from the effects of the pandemic on the economy.
“We can confidently look forward to a more robust and sustainable local economy this year,” she said.
With Makati’s financial stability, Binay said the delivery of quality services to constituents and the effective implementation of programs to accelerate the city’s transformation to a smart city would continue.