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MAKATI City Mayor Abigail Binay expects to overshoot their P18.42-billion revenue target this year, having already collected P16 billion during the first semester.
Despite a 40-percent decrease in the National Tax Allotment share due to the transfer of 10 EMBO barangays to Taguig City, Binay remained optimistic that the city will remarkably surpass its revenue goal by the end of the year. According to city treasurer Jesusa Cuneta, the bulk of the revenues came from business taxes amounting to P8.6 billion, followed by real property with P5.5 billion.
The Business Permit and Licensing Office reported that 4,043 new business establishments and 35,290 shops renewed their permits in the first semester. The new businesses had a combined capital investment worth over P26 billion, while gross sales of existing businesses reached P1.88 trillion in the same period.
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