Makati earns P11B in taxes

MANILA, Philippines - The Makati City government has posted a total of P11.053 billion in collected taxes for the period of January 2 to August 20 this year.

 

Citing a report from the Treasurer’s Office, Acting Makati Mayor Romulo Peña said the city government has already achieved 90 percent of its projected target of P12.284 billion for fiscal year 2015.

 

“This is an indication of a robust economy buoyed by increased trust and confidence of the business community and stakeholders in the city government,” said Peña in a statement.

 

Peña added that the bulk of collection is business tax with a total of 5,946,692,720.76, followed by real property tax (RPT) with P2,478,490,843.94, fees and charges with P547,881,440.06 and Economic Enterprise with P140,357,538.66.

 

“With the increasing efficiency in business permits processing and in the collection of business and realty taxes, I am certain that we can surpass the 8.8 percent increase they posted last year because we still have over four more months of collection period for the year,” Peña said.

 

The acting mayor also thanked the business community for paying their taxes religiously and assured them of efficient utilization of such funds beneficial to both the taxpayers and Makati constituents.

 

“Rest assured that under the Bagong Makati’s guiding service principle, we shall serve with transparency, fairness and integrity. Everyone can stand proud because equal services will be delivered to the business community and all the people of Makati. Regardless of status and color, together we will enjoy the good life,” he added.  

 

Makati’s annual revenue collection has consistently grown for the past several years even during times when the country was faced with financial crises and political upheavals. Makati City has also remained deficit-free for over two decades now.

 

Even without increasing its tax rates since the revised Revenue Code was implemented in 2006, the city government has consistently beaten its targets because of increasing efficiency in business permits processing and in the collection of business and realty taxes.