MANILA, Philippines — Over 740,000 business names have been registered with the Department of Trade and Industry (DTI) in the first seven months.
The figure is 4.9 percent higher than the 713,048 business registrations in the same period last year.
Of the business registrations this year, 660,177 are new registrations while 87,980 are renewals.
Trade Undersecretary Jean Pacheco told reporters that many of the businesses being registered are online businesses.
In addition to online businesses, she attributed the increase to sari-sari or micro convenience stores and the thriving business environment in the CALABARZON (Cavite, Laguna, Batangas, Rizal, Quezon).
“These impressive figures demonstrate the strong entrepreneurial spirit of Filipinos and the effectiveness of our initiatives to foster a business-friendly environment,” Trade Secretary Alfredo Pascual said.
For the DTI, the growth in business name registrations is considered a positive economic indicator as it signals a growing economy, increased job opportunities and a brighter future for the country.
Pascual said the DTI is encouraging aspiring entrepreneurs to take advantage of opportunities to contribute to the country’s economic growth.
“The DTI remains committed to supporting aspiring entrepreneurs and Business existing businesses alike, by providing them with the resources and assistance they need to succeed,” Pascual said.
In 2023, the DTI registered 984,330 business names, five percent higher than the previous year.
The increase in business name registrations last year was facilitated by the streamlined online registration implemented by the DTI, making it easier to set up businesses.