TODAY'S BUSINESS HEADLINES

P70-B RTB sale surpasses goal 28-Mar-17, 11:55 PM | Joann Santiago, PNA

Shakey's Pizza delivers 40% net income growth in 2016 27-Mar-17, 4:06 PM | InterAksyon.com

WATCH | Aussie maker of solar jeep makes an offer to PH transport groups 28-Mar-17, 1:11 AM | Michelle Orosa-Ople, News5

Maynilad, NWRB honor 14 water champions on World Water Day 26-Mar-17, 6:11 PM | InterAksyon.com

Makati hits 52 percent of P14.5-B full-year revenue target in January

Makati City Hall, InterAksyon.com file photo.

InterAksyon.com means BUSINESS

MANILA, Philippines - The City of Makati has achieved 52 percent of its full-year revenue target of P14.5 billion, with its total revenue collection as of end-January reaching P7.5 billion, according to a report from the Office of the City Treasurer.

In a report to Mayor Abby Binay, OIC-Treasurer Jesusa Cuneta said that collection from Real Property Tax in January reached 87 percent of the target, or P3.2 billion out of P4.1 billion. It was also 12 percent higher than the previous year’s realty tax revenue.

For the same period, the city has attained 45 percent of its target for Business Tax, or P3.8 billion out of P8.4 billion. Compared with January 2016, business tax collection increased by four percent.

The mayor thanked the city’s taxpayers and expressed optimism that the city will fully attain, if not surpass, its revenue targets for the year.

“We are very thankful to our taxpayers, which include the Makati business community, residents, and everyone who contributes to the city’s revenues. Rest assured that your city government will continue to sustain and enhance the reforms and innovations we have put in place to render more efficient and compassionate public service,” Binay said.

Records of the Business Permits and Licensing Office (BPLO) show that there were 29,225 renewals and 125 new applications approved in January.

As of March 8, the number of new businesses has reached 669, with total paid-up capital computed at about P3.5 billion.

The Treasurer’s report also cited the attainment rate of revenue targets for other local sources, including Fees and Charges, P286.5 million of P602.9 million (48 percent); Economic Enterprise, P11.8 million of P236.1 million (five percent); and Interest Income, P23.1 million of P100 million (23 percent).

From the national government, the city has received P88.6 million in Internal Revenue Allotment (IRA), or 8 percent of its estimated share for the year. Makati is among a few local government units in the country that are not dependent on the IRA.

During her first six months in office, Mayor Binay undertook measures to make the city’s frontline services more efficient, which have earned positive feedback from taxpayers. Clients expressed their satisfaction with the more systematic and faster processing of applications for permits and tax payments, particularly during the renewal period last January.

Clients have also noted the absence of “fixers” who were seen roaming freely inside City Hall and offering their illegal services during the administration of acting mayor Peña.

Mayor Binay has vowed to use technology to promote transparency in the city government, and expressed her desire to eventually implement a ‘no physical contact’ policy in its transactions with the public.

To “restore discipline and order”, the mayor has taken a tough stance against businesses violating local and national laws. BPLO records show that from June to December last year, the BPLO had closed a total of 149 establishments found operating without a valid and proper business permit.

 

advertisement
OTHER BUSINESS STORIES
BREAKING NEWS