Manila, Philippines – MAKATI City, the financial center of the Philippines, is the country’s richest local government unit. From January to September 2012, it posted a P9.38-billion revenue collection, 5 percent higher than its collection for the same period in 2011. The bulk of the collection came from local sources, led by business tax that increased by 14 percent to P4.85 billion from P4.25 billion, followed by real property tax with P3.26 billion, 1 percent lower than P3.30 billion collected as of September 2011. The Makati City government has not increased its tax rates since its new Revenue Code took effect in 2006. For 26 years now, the city has enjoyed a deficit-free status.
Makati Mayor Jejomar Erwin S. Binay attributed the revenue hike to the increased transparency and efficiency in the city government’s systems and processes achieved through harnessing information technology. “We are evidently on the right track in this vital area of governance, as Makati recently passed the criteria for Silver Seal of Good Housekeeping by the Department of the Interior and Local Government and won the 2012 Gawad Pamana ng Lahi Award at the regional level,” he said.
Makati City is noted for its Central Business District, with 58,920 registered business enterprises, engaged in wholesale/retail, services, real estate, financial services, export/import, and manufacturing. It is home to the Philippine Stock Exchange and the Makati Business Club. It has the most Business Process Outsourcing locators in Metro Manila at 1,159 firms, as well as the most Philippine Economic Zone Authority-accredited information technology parks and buildings. It is a center for international affairs, as it hosts various embassies and consulates of several countries. Giant malls, big banks, foreign organizations’ offices, best restaurants, fastfood chains, cinemas, and skyscrapers are found in the city.
Makati’s population has grown by leaps and bounds, from only 2,700 residents in the 1903 Census, to 1,987,654 in the 2012 Census. The city ranks ninth in population size in Metro Manila. It became an independent city by virtue of Republic Act 7854 signed on January 2, 1995.
The Manila Bulletin led by its Chairman Dr. Emilio T. Yap, President and Publisher Atty. Hermogenes P. Pobre, Excutive Vice President Dr. Emilio C. Yap III, Editor-in-Chief Dr. Cris J. Icban Jr., Business Editor Loreto D. Cabañes, Officers and Staff, greet Makati City Mayor Jejomar Erwin S. Binay Jr., Vice Mayor Romulo V. Peña Jr., 1st District Representative Monique Yazmin Q. Lagdameo, 2nd District Representative Mar-len Abigail S. Binay, City Administrator Marjorie A. de Veyra, other Officials and Residents, all the best and success in their cooperative undertakings to steer the city into further growth and progress. CONGRATULATIONS AND MABUHAY!