CALOOCAN CITY, Jan. 2 (PIA) -- Despite the COVID-19 pandemic, Makati Mayor Abby Binay has reported that the city has surpassed its 2020 revenue target as total revenue collections reached P18,150,510,850.72 last November, or 102 percent of its full-year target of almost P17.8 billion.
The mayor said she was heartened to learn that the city has managed to hit its revenue target for the year in spite of the global health crisis.
“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 yearend. This encouraging development gives us good reason to be optimistic about brighter prospects for business and the local economy in 2021,” Mayor Abby said.
Based on the report from City Treasurer Jesusa Cuneta, Makati City has achieved 102 percent of its full-year revenue target, and exceeded by three percent its actual collections during the same period last year.
The bulk of collections came from business taxes amounting to P9.5 billion, and real property taxes worth almost P6 billion.
The city also derived income from local revenue sources and other sources, including fees & 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 PEZA (P314.6 million), share from PAGCOR/PCSO (P4.1 million), and grants & donations (P110.8 million).
Records of the Business Permit and Licensing Office (BPLO) show 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. (PIA NCR)
Source: Philippines Information Agency (pia.gov.ph)
0 Comments