Metro Manila (CNN Philippines, October 19) — Makati City reported Thursday that it has already outperformed its revenue target as it welcomed more businesses following the reopening of the local economy.
In a statement, it said collection reached ₱20 billion in the nine months to September, buoyed mainly by the 41% increase in business tax collection.Citing a report from the Office of the City Treasurer, Mayor Abby Binay said business tax collection hit ₱11.211 billion.“We are again posting double-digit growth in revenues from local sources, especially from business tax which nearly doubled even before yearend,” Binay said.“It is gratifying to see how fast businesses in the city are recovering, and how investor confidence has rebounded in the past months,” she added.The local chief executive said there were 3,791 new businesses registered and 35,440 renewed business permits as of end-September, with the new entrants bringing in ₱25.47 billion in capital investments.
