Makati City records higher biz renewal in January

First Published by CNN Philippines on Jan 22, 2024, 9:44:52 PM

Metro Manila (CNN Philippines, January 22) — The city government of Makati said its collections for business permit renewal already reached more than ₱6.3 billion this month.

In a statement on Monday, Mayor Abby Binay said the figure was already 5.55% higher than the collection posted a year earlier. Over 4,000 businesses are still expected to renew their permits until Jan. 31.

“It looks like we are going to surpass again this year’s revenue target, just as we did last year,” Binay said.

The city’s revenues last year hit ₱24.87 billion. For 2024, it targets to achieve ₱18.3 billion.

Binay said the city is also looking into cutting its real property tax and other taxes amid “the savings accrued to the city from subsidies previously given to 10 embo barangays.”