Makati business renewal assessment up 5.55% in January 2024

The local government of Makati City recorded a higher business renewal assessment this January compared to the same period last year.

Citing a report from the Business Permit and Licensing Office (BPLO), Mayor Abby Binay said Monday that the total assessment value for business permit renewal reached P6,303,347,208.45 as of January 21.

Binay noted that this was 5.55% higher than the total assessment value in January 2023, which amounted to P5,972,038,505.66.

''With over a week before deadline, an even higher increase rate is inevitable by month-end. This is great news that augurs well for our fiscal stability for the rest of the year. It looks like we are going to surpass again this year’s revenue target, just as we did last year,” Binay said in a press release.

According to the 2023 revenue report from City Treasurer Jesusa Cuneta, the city breached its 2023 revenue target by 39% as it reached P24,870,228,884.28 last December 31.

It further cited that local revenue sources comprised the bulk of collections, led by Business Tax with P12,534,245,251.42, which posted a 37% increase from 2022.

Binay thanked the Makati business community for its unwavering support as it remained the biggest contributor to the city’s revenues.

''Our dutiful corporate Makatizens have been our steadfast and reliable partners in keeping the local economy resilient and even more vibrant today,” Binay said.

Records from the BPLO showed that a total of 4,842 new businesses were registered in 2023; while 35,872 renewed their business permits.

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

On the other hand, the local government said there are more than 4,000 businesses that are expected to renew their permits until the deadline on January 31, 2024. — DVM, GMA Integrated News