The Makati City government surpassed its 2024 revenue target by 31 percent, achieving a total of P24,151,652,347.20.
According to the official report from the City Treasurer’s Office, local revenue sources accounted for the majority of collections from January to December.
Business Tax led the way with P11.9 billion, reaching 118 percent of the target, followed by Real Property Tax at P9.01 billion, which amounted to 184 percent of the target.
“Our financial performance in 2024 has exceeded expectations, thanks to our thriving business community and dedicated taxpayers. This achievement means that residents and stakeholders in Makati can look forward to more innovations and improved services this year, enhancing the quality of life in our city,” Mayor Abigail Binay said.
The Business Permit and Licensing Office said by the end of December, a total of 4,944 new businesses were registered, along with 35,076 renewed business permits.
The newly-registered enterprises generated P38.2 billion in capital investments, while existing businesses recorded total gross sales of P1.87 trillion by year-end.
City Treasurer Jesusa Cuneta said the city achieved 139 percent of its target for locally-sourced revenue, which includes Business Tax, Real Property Tax, Fees and Charges, and Economic Enterprise.
From other local sources, the city reported earnings of P891.50 million from Fees and Charges and P389.11 million from Economic Enterprises.
Additionally, the city’s revenue collections for 2024 included Interest Income of P583.8 million, a National Tax allotment of P1.0 billion, a share from Economic Zones of P339.44 million, and a share from PCSO amounting to P8.18 million.
Makati is among the few local government units in the country that do not rely on external sources of revenue, such as the National Tax Allotment.
According to the Bureau of Local Government Finance, Makati had the highest ratio of local revenue sources to local current operating income among all cities in the Philippines in 2023, with a ratio of 90.60 percent.
Based on the latest report from the Philippine Statistics Authority, Makati experienced a 6.3 percent growth in Gross Domestic Product (GDP) in 2023, with the city’s economy valued at P1.18 trillion. Makati also recorded the highest per capita GDP in the Philippines, standing at P1.77 million.
Currently, the city’s poverty rate is at its lowest, at 0.6 percent, while its Human Development Index stands at 0.903, making it one of the highest in the country.
Editor’s Note: This is an updated article. Originally posted with the headline “Makati earns P24.15-b in 2024, exceeds revenue target.”
