The Makati City government has collected P14.24 billion in locally sourced revenues as of April, reaching 82 percent of its P19.3 billion target for 2024.
With contributions from external sources, total revenue stands at P15 billion.
Mayor Abigail Binay credited the city’s sustained financial growth and fiscal stability to her administration’s digital innovations, which have streamlined the processing of business permits and enhanced transparency.
“The city has maintained a stable revenue base for the past nine years, largely due to our commitment to harnessing technology to make our transactions with the business sector more convenient, efficient, and transparent,” Binay said.
She emphasized Makati’s compliance with national standards, particularly those set by the Anti-Red Tape Authority (ARTA) and the Commission on Audit (COA), as a key factor in boosting investor confidence.
Recently, ARTA recognized Makati as an outstanding local government unit for full compliance with the Electronic Business One-Stop Shop (eBOSS) requirements under the Ease of Doing Business Act (RA 11032). This contributed to 1,962 new businesses and 35,019 permit renewals from January to May.
New businesses brought in ₱28.25 billion in capital, while existing firms reported ₱2.07 trillion in gross sales. Business tax collections totaled ₱8.73 billion—up 7 percent from the same period last year—making up 61.32 percent of the city’s local revenues. Other income came from real property taxes (₱4.89 billion), fees and charges (₱515.28 million), and economic enterprises (₱93.72 million). Interest income reached ₱235.91 million, with an additional ₱397.87 million from the National Tax Allotment and ₱129.60 million from the Economic Zone share.
Makati has received an unmodified (unqualified) audit opinion from COA for seven consecutive years, and Binay expects the same result for 2024. If confirmed, the city’s Accounting Department will qualify for the Platinum Award from the Association of Government Accountants of the Philippines (AGAP), a recognition given to agencies earning the Outstanding Accounting Office award for eight straight years.
The city’s performance also earned it the top ranking from the Department of Finance (DOF) for fiscal autonomy and highest per capita spending in 2022 and 2023. In 2023, Makati posted a 6.3 percent GDP growth, outpacing the national figure of 5.6 percent and leading among major Asian cities.
Makati’s continued economic expansion supports infrastructure projects and social services aimed at improving residents’ quality of life—solidifying its role as the Philippines’ premier investment destination.
