2023 business registrations post 5% growth

2023 business registrations post 5% growth

THE Department of Trade and Industry (DTI) said 984,332 business names were registered last year, up 5%, attributing the rise to its digitalization efforts.

The DTI in a statement said that 88% or 864,200 of the registrations were new, while 12% or 120,132 were renewals.

“The majority of the applicants processed and completed their applications online based on the payment collections received,” the DTI said.

According to data from the Department’s Business Name Registration Division (BNRD), small retail businesses, known in the Philippines as sari-sari stores, remained the top business activity among registrants with 172,905.

In second place are other restaurants and mobile food services activities, which accounted for 78,174 business registrations.

In third place are real estate businesses buying, selling, renting, leasing, and operating apartment buildings, non-residential structures, and dwellings, which had 41,165 registrations.

The BNRD said that it is working with regional and provincial offices to encourage early renewal of business names.

“Meanwhile, barangay-level registrations constituted 60% of the total business names registered with 588,118, while 221,620 applications were with the city or municipality,” the DTI said.

Last year, the DTI moved the registration process 100% online, while integrating the systems of the BNRS (Business Name Registration System) and local governments.

Since August, “walk-in applicants at Negosyo Centers have been directed to use either their devices or designated computer units at the DTI offices to independently file and process business name registration applications through the BNRS website,” it said. — Justine Irish D. Tabile