MANILA, Philippines — Driven by new business name registrations, businesses registered with the Department of Trade and Industry (DTI) increased by five percent in 2023.
According to the DTI, it recorded a total of 984,332 business name registrations in 2023, five percent higher than the previous year’s 937,431.
New business registrations at 864,200 accounted for 88 percent of the total. The remaining 12 percent or 120,132 registrations represent business name renewals.
“The majority of the applicants have processed and completed their applications online based on the payment collections received,” the DTI said.
To streamline business processes and foster digitalization for small and medium enterprises (SMEs) nationwide, the DTI initiated the full-scale implementation of 100 percent online business name registration in August 2023.
The DTI said that walk-in applicants at Negosyo Centers are now told to use either their devices or designated computer units at the DTI offices to independently file and process BN registration applications through the BNRS website.
In addition, the DTI also implemented other initiatives to promote business name registration, such as the system integration of BNRS with local government units (LGUs) that have their own business permit and licensing systems.
Trade Secretary Alfredo Pascual stressed the DTI’s commitment to sustain its partnership with the LGUs. “We, at the DTI recognize the significant role of our collaborative partnership with the LGUs in simplifying registration procedures and requirements for the benefit of Filipino entrepreneurs, particularly micro, small, and medium enterprises,” Pascual said.
The DTI said that they are also working with the regional and provincial offices to encourage the early renewal of business names and help boost registration.
Of the total business name registrations in 2023, barangay-level territorial scope registrations had a 60 percent share or 588,118, while 221,620 applications were under the city or municipality territorial scope.