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Manila Bulletin devider Business devider Trade & Industry devider DTI business name registration hits new record in 2023

DTI business name registration hits new record in 2023

Published Jan 21, 2024 04:19 pm

The Department of Trade and Industry (DTI) announced that business name registrations for 2023 increased by five percent to a new record of 984,332 from 937,431 registrations in 2022.

Around 88 percent or 864,200 accounted for new business name registrations, and 12 percent or 120,132 are business name renewals, as per data from DTI's Business Name Registration Division (BNRD).

In terms of sectors, sari-sari retail stores registered the most business names at 172,905; followed by 78,174 registrations for mobile food services, as well as real estate buying, selling, renting, leasing, and operating of self-owned or leased apartment buildings, non-residential and dwellings at 41,165 registrations.

Registrations for businesses at the barangay-level is 588,118, which is 60 percent of the total, while 221,620 registrations for the city or municipality-level.

Majority of the applications were processed and completed online, said the agency.

Since August 2023, DTI has been implementing 100 percent online business name registration transactions to promote digitized services for small and medium enterprises.

The agency noted that majority of the application they received last year were processed and completed online.

Walk-in applicants are instructed to file their transactions through the DTI website.

The agency is also partnering with local government units (LGUs) to integrate their registration systems with the business permit and licensing systems of the LGUs.

"We 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 (MSMEs)," said DTI Secretary Alfredo E. Pascual.

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