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Entrepreneurial boom: Business registrations reach nearly 1 million in 2023 – DTI

By Eileen Mencias

The Department of Trade and Industry recorded a five percent growth in business name registrations last year.

According to the DTI, 88% of the business name registrations were for new businesses while 12% were renewals. The majority of the applications were made online.

Sari-sari stores remained the top business activity, with 172,905 registrations, followed by mobile food service activities and other restaurants with 78,174 registrations. Real estate activities involving buying, selling, renting, leasing and operating of self-owned/leased apartment buildings and non-residential and dwellings was third with 41,165 registrations.

Businesses registered at the barangay level accounted for 60% of the business name registration at 588,118 while 221,620 applications were under the city/municipality.

To streamline the process and promote digitalization among small and medium enterprises nationwide, business name registration went entirely online in August. Walk-in applicants in Negosyo Centers were advised to use their smartphones or designated computer units in DTI offices to file and process their business name registration applications. The system is integrated with local government units that have their own business permit and licensing systems.

“We at the DTI recognize the significant role of our collaborative partnership with the LGUs in simplifying registration procedures and requirements for the benefit of Filipino entrepreneurs, particularly, micro, small, and medium enterprises,” Trade Secretary Fred Pascual said.

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