Makati collects P18.1 billion in November
Makati Mayor Abby Binay said the city surpassed its 2020 revenue target as total revenue collections reached P18,150,510,850.72 in November, ahead of its 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 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 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.
This year, the city launched technology-enabled programs that have benefited Makati residents and taxpayers since the crisis started.
Last June, the city established the Makatizen Online Assessment and Payment Portal through which residents and business owners can pay their real property and business taxes, using their smartphones or laptops. Thus, they no longer need to line up and observe physical distancing at City Hall.
Last September, Mayor Abby announced the launch of the P2.5-billion Makati Assistance and Support for Businesses (MASB) Program. It aims to pump-prime the local economy and support local merchants, thus helping sustain and create jobs for residents.
Through an online portal, Makati-registered businesses can apply for grants ranging from P10,000 up to P100,000, depending on the type of business and number of employees who are Makati residents. The cash grant will be released directly to the employees and suppliers, as payment for their salaries and goods, respectively.
The city has also put up an online accreditation system for Makati-based suppliers of goods and services so they can qualify as beneficiaries of the grant through their business clients.
Through its PPP-led digital initiatives, Makatizen Card and Makatizen App, the city government was able to implement the P2.7-billion Makatulong P5K for 500K Makatizens. The program has afforded over 400,000 residents with safe and convenient access to P5,000-financial aid via GCash to date.
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