Business names and renewals registered with the Department of Trade and Industry (DTI) improved by six percent to nearly 370,000 in the first two months compared to a year ago, on the back of renewed confidence in the domestic business environment.

Based on data from the DTI’s Business Name Registration System (BNRS), business name filings reached 367,757 by the end of February, higher than the 345,845 registrations recorded in the same period last year.

Around 60 percent of the total registrations or 226,632 were new applications, while 141,125 were renewals.

For the first two months, wholesale and retail trade captured the bulk, or 59 percent, of the total business name registrations with 217,840 filings. The sector covers the repair of motor vehicles and motorcycles, as well as personal and household goods.

Accommodation and food service activities followed with 47,383 registrations, real estate activities with 21,930, manufacturing with 17,599, and other service activities with 14,963.

By location, the provinces that make up Calabarzon continued to generate the highest business activity in the country, with 63,494 registrations by the end of February.

This was followed by Central Luzon with 45,563 filings, Metro Manila with 36,028, Ilocos Region with 22,985, and Central Visayas with 19,519.

Rizal Commercial Banking Corp. (RCBC) chief economist Michael Ricafort said the increase in business name registrations for the two-month period reflects the recovery of the local business environment from the impact of the flood control scandal in the latter half of last year.

He said the growth in filings is consistent with the improvement in local financial markets and investments at the start of the year.

For the coming months, Ricafort said business name registrations should continue growing, especially if the country manages to fully revive investor confidence through anti-corruption and governance reforms.

But he stressed that this could be offset by geopolitical tensions, especially the ongoing conflict in the Middle East, which has been escalating oil prices and could push the country’s inflation upward.