New business names registered in Cebu up by 8% in Q2

CEBU, Philippines - Business name registration in Cebu province rose 8% in the second quarter of 2015, with most enterprise registrants locating in Cebu City.

Official data from the Department of Trade and Industry (DTI) showed that Cebu businesses registered in the second quarter of this year reached 3,649, up 7.6% from 3,392 in the same period last year.

Data showed that Cebu City accounted for 42% of the total registered enterprises in the province during the period. It was then followed by cities of Mandaue, Lapu-Lapu, Talisay, towns of Consolacion, Minglanilla and Cordova.

Zaide Bation, consumer welfare and business regulation chief of DTI-Cebu, said in an interview the towns of Minglanilla and Cordova were deemed growth areas in terms of the number of registrants.

Bation explained that majority of the registered businesses are in the services industry. While others are involved in retailing, food processing, importing, exporting and wholesaling.

For the first half of the year, listed business names reached 7,568, posting a 0.3% rise from 7,549 in the same period in 2014. Registrations were both new and renewed.

Total investment of DTI-registered enterprises in the first six months of 2015 amounted to P1.2 billion. Jobs created also reached 13,213.

While the first half of the year normally posts the highest registration number, Bation said business activity could still pick up through the rest of 2015 ahead of the next year's national poll.

The official predicted that there might be an increase in printing businesses because of the expected demand for campaign materials during elections.

Last year DTI registered 13,770 business names in Cebu, surpassing its 13,000 target and higher compared to 12,261 listed in 2013.

This year DTI-Cebu targets to register 14,876.

According to Bation, on-site registrations in some Cebu towns will be made in the coming months with the help of local government units.

She further added that traditionally, business registration picks up in the first quarter particularly the month of February, while December normally posts the lowest number of registration.

Enterprise owners can renew their registration online through the DTI's Business Name Registration System in its website. A business name lasts for five years and has to be renewed if the enterprise is to be continued. (FREEMAN)