Business name filings rise 5% in 2023

Registrations of business names in the Philippines increased by 5 percent in 2023, with the growth driven by small-time retailers and by businesses located in the villages, the Department of Trade and Industry (DTI) said on Saturday.There were a total of 984,332 new business names registered with the DTI’s Business Name Registration Division (BNRD), higher than the 937,431 registered in 2022.

The DTI said that 88 percent (864,200 of filings), accounted for new business registrations, while the remaining 12 percent (120,132) were renewals.“Sari-sari stores” or small neighborhood shops comprised the biggest segment, having a total of 172,905 registrations.This is followed closely by restaurants and mobile food services activities with 78,174 registrations.

Real estate business— which includes buying, selling, renting, leasing, and operating of self-owned or leased buildings—was at third with 41,165 registrations.Meanwhile, barangay-level registrations constituted 60 percent of the total with 588,118 filings. The remaining 221,620 applications were in cities or municipalities.

Trade Secretary Alfredo Pascual expressed their commitment to sustain their partnership with the local government in onboarding more business.

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“We at the DTI recognize the significant role of our collaborative partnership with the [local governments] in simplifying registration procedures and requirements for the benefit of Filipino entrepreneurs, particularly micro, small, and medium enterprises,” Pascual said in a statement. INQ