DTI business registration jumps 41% in pandemic year 2020

Published January 20, 2021, 4:11 PM

by Bernie Cahiles-Magkilat

Year 2020 could be well remembered as the pandemic year, but it did not dampen the entrepreneurial spirit of Filipinos as shown by the 41 percent increase in business registration, the highest since 2010.

This was reported by Trade and Industry Secretary Ramon M. Lopez at the launch of RCBC Diskartech’s “Ipon Galing” campaign that 900,000 enterprises registered with the DTI as of December 17, 2020, the highest growth rate of 41 percent since 2010.

Trade and Industry Secretary Ramon M. Lopez (Bloomberg file photo)

According to Lopez, registration of online retailers increased from 1,700 in the first quarter last year or just before the lockdown. But this number ballooned to 88,000 as of end December last year.

 “Amidst the pandemic, there are still many opportunities that we can find and discover,” he said.

Lopez cited Diskartech’s “Ipon Galing” campaign towards financial inclusion. Diskartech is RCBC’s innovative financial app that aims to provide Filipinos easy access to the bank’s financial services.

Lopez stressed that an entrepreneur must be prudent in managing his finances.

“We will need to have that mindset na sa ating bawat kita ay kailangang maging masinop at nag-iipon. We don’t just spend it for ourselves at ginagastos ang pera ng negosyo,” he said.

 He reminded entrepreneurs that unlike salaries, all income derive from a business must be retained in the business for additional capital to ensure the business thrive. He urged entrepreneurs to become not just regular entrepreneurs, but “smarter entrepreneurs.”

Smart entrepreneurs are also smart when it comes to getting more value for their hard-earned money, he said. Thus, he urged entrepreneurs to save and become more productive.

At the same event, Bangko Sentral ng Pilipinas Deputy Governor Chuchi Fonacier lauded the Diskatech app for its inclusiveness as it targets those that do not have yet bank transactions. She said that only 21 percent of Filipinos have bank accounts.

Fonacier said that BSP has various programs and policies to address this issue, particularly having the basic deposit account. Thus, there are select banks that allow the opening of basic deposit account with initial deposit of P100 only and one ID requirement only.

The BSP targets to achieve financial inclusion in 2023 with 70 percent of Filipinos having their own transaction accounts with financial institutions.

 Diskartech is Taglish app that allows Filipinos to open an account using their mobile phones, but Fonacier said that only 12 percent of Filipinos with mobile phones are using their gadget for their financial transactions.