Makati City hits 61% of 2025 revenue target in January, collecting P11.7 billion

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Business tax, Makati’s top revenue source, sees an 8% jump from last year, rising from P6.47 billion to P6.99 billion

MANILA, Philippines – Makati has collected 61% of its P19.33-billion revenue target for 2025 in just the first month of the year.

As of January 31, the city’s total collection hit P11.77 billion, Makati Mayor Abby Binay said on Friday, February 21.

Business tax, Makati’s top revenue source, saw an 8% jump from 2024, rising from P6.47 billion to P6.99 billion.

Real property tax collections hit P4.23 billion, already 83% of the city’s P5.1-billion full-year target. The city also earned P353.3 million from local fees and charges, P23.6 million from economic enterprises, and P58.3 million in interest earnings.

Despite being among the few LGUs not reliant on national government funds, Makati still received P99.46 million in National Tax Allotment and P2.47 million as its share from the Economic Zone this January.

The city’s business scene is also booming with gross sales reaching P2.05 trillion from January to February 20, a 10% increase from P1.87 trillion in 2024.

Makati also welcomed 439 new businesses as of February 20, injecting P3.35 billion in fresh capital, according to Business Permit and Licensing Office Head Maribert Pagente. Meanwhile, 33,453 businesses renewed their permits, reporting a combined gross sales of P2.06 trillion.

Makati is the second richest city in the Philippines, the Commission on Audit’s 2023 Annual Financial Report on Local Government Units showed.

– Rappler.com