DTI business registration surges 44%

MANILA, Philippines — Total businesses registered with the Department of Trade and Industry (DTI) rose 44 percent last year, as the pandemic opened opportunities for enterprises.

Data from the DTI showed total business names registered with the agency reached 916,163 last year, higher than the 637,567 in 2019.

Of the total business names registered last year, 91 percent or 837,376 were new businesses.

Compared to the 556,377 new business names registered in 2019, last year’s went up by 51 percent.

Total business renewals last year, meanwhile, reached 78,787, down from the 81,199 in 2019.

In terms of online businesses, Trade Secretary Ramon Lopez said at the launch of the Ipon Galing campaign of Rizal Commercial Banking Corp.’s Diskartech app yesterday, the number soared to 88,000 by the end of last year from 1,700 in March.

“Amidst the pandemic, there are still many opportunities that we can find and discover,” he said.

As the number of businesses increased, he said the DTI would continue to provide support to help find the right business for individuals and make them smarter entrepreneurs.

To achieve this, he said the DTI is implementing various programs on mentorship and business improvement to help micro, small and medium enterprises (MSMEs).

The DTI also has seminars in partnership with the private sector on accounting for non-accountants and financial services.

“What is important is our MSMEs are able to adjust, save and prepare for the new normal,” Lopez said.