THE Makati City Local Government Unit said that they had recorded a higher business renewal assessment this January, when compared to the same period last year.

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

Binay said that the feat showed that it was 5.55% higher than the total assessment value in January 2023, that 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.

Based on the 2023 revenue report from City Treasurer Jesusa Cuneta, the city breached its 2023 revenue target by 39%.

It reached P24,870,228,884.28 last December 31.

Binay also said that the revenue sources is made up of the bulk of collections, led by Business Tax with P12,534,245,251.42.

She said it posted a 37% increase from 2022.

The local chief executive thanked the Makati business community for their support as they 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.

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