Makati City is again the richest local government unit (LGU) in the Philippines for the third straight year after its assets reached P233.78 billion in 2019 under the administration of Mayor Abby Binay, based on the 2019 Commission on Audit (COA) reports.
“Another reason to be a #ProudMakatizen! Makati is PHL’s richest LGU for the third straight year with total assets reaching P233.78 Billion,” said Mayor Abby on her official Twitter account.
Binay also thanked city residents and stakeholders for their continued trust and confidence in her administration.
“Makatizens and all stakeholders of the city deserve all the credit! We cannot achieve this honor without your trust and confidence. Double digit percentage increase in tax collection during the same period!” she said.
Makati was followed by Quezon City with P96.42 billion and Manila with P64.81 billion.
Also included in the top 10 based on the COA reports were the cities of Pasig, Cebu, Mandaue, Taguig, Caloocan, Pasay and Davao.
Makati already surpassed its P17.8-billion revenue goal for 2020, collecting more than P18.1 billion as of November.
Binay said she was heartened to learn that the city government has managed to meet the target for the year in spite of the pandemic.
“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. This encouraging development gives us good reason to be optimistic about brighter prospects for business and the local economy in 2021,” she said.
The city achieved 102 percent of its full-year revenue target, and exceeded by 3 percent its actual collections during the same period in 2019.
The bulk of collections came from business taxes amounting to P9.5 billion, and real property taxes worth almost P6 billion.
The city government also derived income from local revenue sources and other sources, including fees and charges (P609.2 million), and economic enterprises (P135.1 million).
Other sources of revenue included interest income (P233.4 million), internal revenue allotment (P1.2 billion), share from Philippine Economic Zone Authority (P314.6 million), share from Philippine Amusement and Gaming Corporation and Philippine Charity Sweepstakes Office, (P4.1 million), and grants and donations (P110.8 million).
Records of the Business Permit and Licensing Office showed that as of December 23, there have been 2,789 new business registrants and 35,836 permit renewals. The new enterprises chalked up a total of P29.8 billion in capital investments, while total gross sales of businesses that renewed their permits reached nearly P1.6 trillion.
This year, the city launched technology-enabled programs that have benefited residents and taxpayers since the crisis started. CURRENTPH