The administration of Mayor Antolin A. Oreta III is targeting to collect P1.795 billion in revenues this year, just slightly higher than Malabon City’s P1.737-billion haul in 2017.
The city set a conservative target, as according to the City Treasurer’s Office (CTO), Malabon managed to hike its collection by P561.95 million in 2016 last year.
CTO head Dr. Amalia C. Santos said the city government’s main sources of revenues since 2014 are the real-property taxes and business taxes.
The BusinessMirror learned from the CTO that the factors that considerably increased the city government’s annual income last year was the implementation of the revised schedule of fair market value and the amendments to the “revenue rate” being used by the income-generating offices of the city.
The Sangguniang Panglunsod revised last year the city’s 1992 fair market value.
The City Assessor’s Office (CAO) said the increase in land value was 200 percent per square meter.
The planned increase in the house rate per square meter is yet to be approved by the Sangguniang Panglunsod, the CAO said.
The 2005 revenue rates were also revised by the Sangguniang Panglunsod last year, which helped increase the annual income of the city government.
CTO data showed that the city government’s revenue in 2015 was P1.08 billion, higher than 2014’s P993 million.
The improvements on income were a clear manifestation that Oreta administration is on the right track since he became the city’s mayor in 2012.
Oreta was the city’s vice mayor when he assumed the remaining term of his uncle, Mayor Canuto Oreta, who died in 2012 due to lung cancer.
Oreta ran and won in 2013. He was reelected in 2016 after he defeated then-Rep. Josephine Veronique L. Noel.