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PIA Press Release
Friday, January 20, 2012

 

Makati collects P11B in 2011

by Jerome Carlo R. Paunan

MAKATI CITY, Jan. 20 (PIA) -- The city’s total revenue collection reached P11 billion in 2011 as it remains deficit-free, a statement posted on its website said.

Based on a report from the city treasurer, Makati’s total collections for 2011 reached P10,929,989,221.01, or a nine percent increase over 2010 revenue.

From business tax, P5,149,047,980.79 was collected, which was an increase of 16 percent over 2011. Realty tax closely followed with P4,047,547,205.00 or a three percent increase, while P607,094,029.69 was collected from Miscellaneous fees with a two-percent increase.

Likewise, from its economic enterprises, the city generated P215,383,079.62, or a 13 percent increase from the previous year. The rest of the revenue came from Interest Income of P132,037,938.91 and from the Internal Revenue Allotment, P778,878,987.00.

According to Makati Mayor Jejomar Erwin S. Binay, the city's substantial income growth would equate to adequate funding for the city's 2012 program of expenditures without needing to impose new or additional taxes.

Binay said the efficient collection also guarantees the continuous delivery of enhanced social services and programs for residents and stakeholders this year.

“It has been a good year for us and we are glad that we would be able to continue providing more and better services for our people, having enough funds to finance our flagship programs on health, education and social services, as well as new, groundbreaking initiatives in urban development, disaster resiliency and environmental health,” Binay said.

The mayor also expressed gratitude for the trust and confidence of the business sector in “our policy of wise fiscal management and prudent spending of the people’s money,” as shown by their doing business in the city and diligently paying the correct taxes.

Meanwhile, Binay reminded all business owners and taxpayers of the deadline for applications for renewal of permits and payment of taxes on Friday, Jan. 20, 2012. Payments made after the said date shall be subject to surcharges and penalties under the revised Makati Revenue Code and City Ordinance No. 2004-A-025.

As early as November 2011, the city’s Business Permits Office (BPO) started serving tax payers who availed of certain privileges and discounts for early payments and enjoyed hassle-free transactions. (ICRD/RJB/JCP-PIA NCR)

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