MANILA -- Makati City has already exceeded its January 2023 collections for business permit renewal, even though some 4,000 businesses are still expected to renew their permits until the deadline on January 31, the LGU said on Monday.

In a statement, the city said the total assessment value for business permit renewal has reached over P6.3 billion as of January 21, which is 5.6 percent higher than the P5.97 billion collected in January 2023.

Makati said it also breached its 2023 revenue target by 39 percent, collecting taxes amounting to P24.87 billion. This was higher than its revenue target of P17.83 billion.

• Makati exceeds 2023 revenue collection target

The 2023 revenue report from City Treasurer Jesusa Cuneta also showed that business taxes collected reached P12.53 billion, a 37-percent increase from 2022 figures.

City records showed that 4,842 new businesses were registered in 2023, and 35,872 renewed their business permits.

The new businesses brought P31.58 billion in capital investments, while total gross sales of registered businesses reached P1.6 trillion.

Makati City is setting its 2024 total revenue collection target at P18.3 billion.

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