Of the total registrations, 558,245, or nearly 85 percent, were new business names, while the remaining 101,502 were renewals.

The wholesale and retail trade sector accounted for the largest share of registered business names in the six-month period, with 369,919 registrations, or 56 percent of total.

The accommodation and food service activities sector recorded the second-highest number of registrations with 89,232 applications, followed by real estate activities with 36,524 filings, and manufacturing with 34,146 submissions.

By region, Calabarzon remained the frontrunner in business name filings, with a total of 116,380 registrations, or nearly 18 percent of the first half’s registration volume.

This was followed by Central Luzon with 88,006 registrations, while Metro Manila was not far behind with 85,021 applications.

For June alone, business name filings dropped by more than half to 37,041 from 79,165 in May, marking the lowest monthly tally so far this year.

Rizal Commercial Banking Corp. (RCBC) chief economist Michael Ricafort told Manila Bulletin that the drop in filings was likely due to higher prices of goods and services, which delayed plans for new business ventures.

While the country’s inflation rate eased slightly to 6.4 percent in June from 6.8 percent in May, Ricafort said there is a risk that inflation could pick up again in the coming months, further slowing entrepreneurial activity.

Provided that inflation continues to ease, Ricafort said this could lead to a pickup in spending and investment, prompting higher business name registrations.