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Makati News

Makati exceeds business renewal assessment targets

account_balanceMakati News account_circleTimothy Martin Masagca chat_bubble_outline0 Comments

Makati Mayor Abby Binay announced the city's surpassing of the business renewal assessment level recorded in January 2023, with the deadline for the renewal of permits approaching on January 31. Despite an expected 4,000 businesses yet to renew, the total assessment value as of January 21 reached P6,303,347,208.45, marking a 5.5% increase from January 2023.

Mayor Abby expressed optimism, anticipating a further rise in the assessment value by month-end, signaling financial stability for the city throughout the year. This positive trend follows Makati's successful surpassing of its 2023 revenue target by 39%, reaching P24,870,228,884.28 as reported in December.

Acknowledging the crucial role played by the business community in contributing to the city's revenue, Mayor Abby extended gratitude for their steadfast support. The Business Permit and Licensing Office recorded 4,842 new businesses and 35,872 renewals in 2023, with new businesses registering a capital investment of P31.58 Billion and total gross sales reaching P1.6 Trillion.

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The second-largest local revenue source in 2023 was Real Property Tax, amounting to P8,705,282,414.83, a seven percent increase. Overall, local revenue sources witnessed a 22% increase, surpassing the 2023 target by 44%. For 2024, the city has set a total revenue target of P18.3 Billion, reflecting a 2.8% increase from the 2023 target of P17.8 Billion.

Mayor Abby recently announced the city's consideration of lowering real property tax and other local taxes to enhance its business-friendly environment. This move aims to stimulate economic growth further, building on the city's savings from subsidies to 10 Embo barangays.

Furthermore, the City Council approved Mayor Abby's proposal to suspend amusement tax collection to boost tourism and support local artists. To facilitate the renewal process, the business renewal assessment deadline was extended until January 28, and the payment deadline for business and real property taxes until January 31.

As an incentive, early bird clients renewing their business permits at the City Hall since January 2 are treated to a daily complimentary lunch, along with brewed coffee and biscuits for all clients. Additionally, the business hours of frontline city government offices involved in the permit issuance process have been extended to better serve taxpayers.

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