Biz name listing hits record-high

Business name registration and renewals filed at the Department of Trade and Industry (DTI) reached a new high in 2024, with the full-year tally breaching one million for the first time as more than 900,000 new enterprises listed with the government agency.

Data from the DTI business name registration system shows that listings during the year reached 1,061,739, marking a 7.9 percent increase from the 984,329 counted in 2023.

Of the total, 88.4 percent – or 938,681 – were new ones, while the remaining 122,058 were renewals.

The listings with the DTI have fluctuated in the past several years, with the numbers reaching 937,423 in 2022, 867,647 in 2021, and 916,164 in 2020.

According to the DTI, its business name registration system was launched in 2019, with the government agency streamlining and fully implementing the program in 2023.

More than half — at 632,606 or 59.6 percent — of the applications in 2024 were filed at the barangay level, while those listed in the cities reached 233,633 or 22 percent.

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Businesses engaged in the wholesale and retail trade, many of which are “sari-sari stores” or small neighborhood shops, as well as the repair of motor vehicles continued to make up the largest portion in records.

The listings from this sector reached 579, 053 in 2024, accounting for 54.5 percent of the total.

The accommodation and food service category followed by 148,186, manufacturing with 60,498, and real estate activities with 52,633.