Freeman Cebu Business

Cebu businesses registered with DTI up 5% in first-half

Carlo S. Lorenciana - The Freeman

CEBU, Philippines - Businesses in Cebu province that registered with the Department of Trade and Industry in the first half of 2016 grew by 5 percent, led by the food sector.

Official data obtained by The FREEMAN showed a total of 7,878 Cebu-based single proprietorship enterprises registered with the agency during the period.

Zaide Bation, who heads business regulation at DTI-Cebu, said most business registrants come from the food sector, including restaurants and eateries.

Food businesses accounted for 31 percent of the total business name registration, followed by real estate and construction.

The growing number of food enterprises in Cebu shows the increasing purchasing power of consumers.

Of the total number of registered business names, 90 percent are new while the rest are renewed.

The total capitalization of these enterprises reached P2.3 billion and at least over 12,000 jobs were created.

The real estate and construction business accounted for 26 percent and 21 percent in terms of capitalization.

The construction-related enterprises also made up most of the generated jobs at 41 percent, followed by food which accounted for 21 percent.

A DTI-issued business name lasts for five years and has to be renewed if an enterprise is to be continued.

The DTI has noted increasing business registration every year, indicating robust business activity. (FREEMAN)

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