The Department of Finance (DOF) has ranked Makati first among cities in sustaining its fiscal autonomy through local revenue sources and posting the highest per capita spending for fiscal years 2022 and 2023.
Mayor Binay thanked the business sector and Makatizens for the city's financial stability. "We gratefully acknowledge the unwavering support of the city's business community, residents and other stakeholders. Your trust and cooperation have been indispensable to the sustained robust economic growth of the city, paving the way to better services and benefits for all stakeholders," the mayor said.
In a ceremony held at Seda Manila Bay Hotel, the DOF's Bureau of Local Government Finance (DOF-BLGF) handed seven awards to Mayor Abby.
Makati was recognized as the country's top city after recording the highest ratio of local source revenues to total current operating income for fiscal years 2022 and 2023. It also posted the highest total current operating expenditure per capita for two straight years.
Makati was also named among the top 2 cities for local source revenues for the two years and the top 2 among highly urbanized cities for year-on-year growth in local source revenues for the fiscal year 2023.
"We are honored to receive these accolades. These are testaments to the persistent efforts of the city government to expand our revenue base through reforms and smart innovations that promote efficiency and transparency in our revenue collection and processing of business permits and licenses," Mayor Binay said.
BLGF reports show that the ratio of local source revenues to Makati's total current operating income reached 86.84 percent in 2022 and 90.60 percent in 2023. The high ratio indicates the city's high level of independence from external sources, such as the national tax allotment and shares from PEZA and PCSO.
The country's financial center has recorded the highest total current operating expenditure per capita among all cities, with P24,050 in 2022 and P23,995 in 2023.
"For the past eight years, Makati's sustainable and strong local economy has made it possible for the city government to undertake game-changing innovations that have made our services and programs better and more conveniently accessible to residents and other stakeholders," Mayor Binay said.
In the latest report of City Treasurer Jesusa Cuneta, the city has surpassed its revenue target for the year as of August. Total revenue collection reached P18.8 billion, 102 percent of the P18.4-billion target.
The report shows business tax as the highest revenue source, with P10.22 billion, followed by real property tax, with P6.19 billion. From other local sources, the city collected P748.82 million from fees, P310.12 million from economic enterprises, and P411.75 million from interest income.
The remainder of the collection includes P670.76 million from the national tax allotment, P248.13 million from the economic zone (PEZA), and P4.22 million from the PCSO's share.
As of September, the city government has approved the registration of 3,900 new businesses this year, with a combined capital investment worth P31.87 billion. During the same period, 34,771 business establishments renewed their permits, registering gross sales of P1.87 trillion.
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