The local government of Makati on Monday said it has surpassed the city’s 2020 revenue target despite the coronavirus disease 2019 (Covid-19) pandemic.
Mayor Abby Binay said the city’s total revenue collections have reached P18.150 billion as of the end of November, already exceeding by P350.5 million the year’s revenue target of P17.8 billion.
“It is such a relief to know that even with the restrictions imposed on businesses to curb the pandemic, our city has been able to achieve its overall revenue goal for 2020 before year-end,” Binay said in a statement.
Binay said the bulk of the city’s revenues were collected from the business taxes amounting to P9.5 billion and from real property taxes worth nearly P6 billion.
Makati City also derived income from local revenue sources including fees and charges amounting to P609.2 million and economic enterprises amounting to P135.1 million.
“Other sources of revenue included interest income (P233.4 million), internal revenue allotment (P1.2 billion), share from the Philippine Economic Zone Authority (P314.6 million), share from Pagcor/PCSO (P4.1 million), and grants and donations (P110.8 million),” the city government said.
Based on the report of City Treasurer Jesusa Cuneta, Makati City’s full-year target this year has exceeded by about 3 percent of its actual collections during the same period last year.
“This encouraging development gives us good reason to be optimistic about brighter prospects for business and the local economy in 2021,” said Binay. CURRENTPH