MANILA -- Makati City has already exceeded its P17.83 billion revenue target for 2023, Mayor Abby Binay said Thursday.

In a statement, the local chief executive said their city treasurer has collected P20,051,906,452.22 as of September, up 21 percent from its collection in the same period last year.

Makati set its revenue target for 2023 at P17.83 billion.

Business tax collection also went up 41 percent to P11,211,357,657.95 as of the end of September.

Makati City's Business Permit and Licensing Office said 3,791 new business registered in the first three quarters of 2023, infusing a total of P25.47 billion in capital investments.

Some 35,440 existing businesses also renewed their permits from January to September. All in all, gross sales of existing businesses in the city reached P1.65 trillion this third quarter alone, the local government said.

“It is gratifying to see how fast businesses in the city are recovering, and how investor confidence has rebounded in the past months," Binay said.

Aside from business tax, real property tax collection also went up by four percent to P6,013,599,432.53, said City Treasurer Jesusa Cuneta.

In a 2022 report, the Commission on Audit said Makati is the Philippines' second richest city, with P239.478 billion in assets.