MANILA, Philippines — The number of registered businesses in the Philippines has reached 1.42 million as of end-May, the Department of Trade and Industry (DTI) said.
Citing the Micro, Small and Medium Enterprise Development (MSMED) Council, the DTI said, the number of registered businesses rose from the 1.39 million registered businesses as of December last year.
Composed of public and private sector representatives, the MSMED Council seeks to promote the interests of MSMEs in the country.
Trade Secretary and MSMED Council chairman Ramon Lopez said the increase in registrations shows the current environment is conducive to set up a business in the country.
He said programs being implemented to support MSMEs should also be felt at the barangay level.
“Part of fulfilling President Duterte’s promise of “Tapang at Malasakit” is providing job and business options to help Filipinos live more comfortable lives. So even if the DTI’s budget is only up to the provincial-level, we will find ways for our programs to reach MSMEs at the grassroots,” he said.
Apart from implementation of programs, the DTI is also committed to raise the awareness of the public on the benefits of the Barangay Micro Business Enterprise (BMBE) law.
Under the BMBE law, MSMEs can avail of tax and minimum wage exemptions, financing priority, and technical support from government agencies.
In addition to implementing programs, the MSMED Council is looking into synchronizing statistics produced by the Philippine Statistics Authority and the National Economic Development Authority on MSMEs.
It likewise wants to include MSMEs in the informal sector in its tally so the government and other financial institutions could determine where microfinancing is needed.
Even as the Securities and Exchange Commission now allows registration of one-person corporations, Lopez said entrepreneurs may still opt to register with the DTI.
This, as he said the DTI has simpler registration requirements.