Business registrations, renewals up 10% in Oct

Registrations and renewals of business names filed at the Department of Trade and Industry (DTI) grew by at least 10 percent in October, with the volume nearing the 1-million mark as the wholesale and retail trade sector continued to lead.

Data from the DTI as of Oct. 30 recorded 61,868 registrations and renewals, more than the 55,881 it had recorded in the same month in 2023.

The monthly posting brought the year-to-date total to 972, 360, marking a 7.7 percent increase compared with the 902,695 recorded during the same 10-month period last year.

Of the total filings this year, 860,677, or 88.5 percent, were new registrations. The remaining 11.5 percent, or 111,683, were renewals.

Earlier this month, Trade Undersecretary Blesila Lantayona told the Inquirer that business name registrations were “on a consistent increase.”

“Given this positive trend and our ongoing efforts, we are optimistic that we will surpass the highest number of registrations recorded last year,” she said.

Some 60.5 percent of the filings were made at the barangay level, with the listing reaching 586,006.

On the other hand, registrations at the city provincial level reached 212,571; national level at 101,068; and regional level at 72,715.

Businesses engaged in the wholesale and retail trade, many of which are small neighborhood shops or “sari-sari stores,” made up 55.12 percent of the total with 535,935 new registrations and renewals.

The accommodation and food service category followed with 136,491, manufacturing with 55,133 and real estate with 48,211.

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Other top categories include transportation and storage with 38,760, other service activities category with 36,486, and administrative and support with 35,966.

Region IV-A posted the highest number of registrations at 184,254, nearly a fifth of the total.

The National Capital Region came in second with 160,333, followed by Region III with 129,520, Region VI with 66,069, and Region VII with 60,326.

The DTI began the full implementation of its online business name registration system in 2023, allowing them to apply online through the DTI’s Business Name Registration Services website or through various DTI Negosyo Centers.