Business registration jumped to over 2 million as of November this year, exceeding the 1.5 million pre-pandemic registration level in 2019 as more Filipinos are joining the entrepreneurship bandwagon.
Trade and Industry Secretary Ramon M. Lopez, who spoke at the “Villar Sipag 10th OFW & Family Summit” attributed the increasing number in business registrations to more Filipinos and overseas Filipino workers (OFWs) starting to go into business and the government’s strong support for entrepreneurs.
Lopez also credited the very active entrepreneurship activity in the country to more Filipino entrepreneurs joining the online and e-commerce ventures and existing businesses also shifting their brick and mortar model to online platforms like Shopee and Lazada.
From 1.5 million business registration in 2019, Lopez said this increased to 1.7 million in 2020 and 2 million as of November this year. The recent figure is the consolidated business registrations of the DTI and from the local government units (Mayors’ permit).
This means, he said, several Filipinos are getting into entrepreneurship from small to big businesses ventures. This is despite the fact that many businesses have also closed operation because of the pandemic. This also showed that those that stopped operation have shifted to other business ventures and are now doing business online.
Because of the continued reopening of the economy, Lopez said, more Filipinos can now go back to their work.
He urged Filipinos to take advantage of the entrepreneurs education being offered by the DTI and mentoring at the more than 1,200 Negosyo Centers nationwide.
Lopez also commended the Villar Sipag OFW Summit, which is now on its 10th year, and the Villar family, Senator Cynthia Villar, former Senate President Manny Villar, Public Works and Highways Secretary Mark Villar, Congresswoman Camille Villar, and Paolo Villar for helping OFW entrepreneurs under the Villar Sipag Foundation.