Sole proprietorships in Cebu hit 15-yr high in 2015 – DTI

CEBU, Philippines – The Department of Trade and Industry have registered more sole proprietorships in Cebu in 2015, which is the highest growth in registration for the last 15 years.

Official data released yesterday showed a total of 14,920 business names – both new and for renewal – were registered last year, up 8.4% from 13,770 in 2014.

Zaide Bation, DTI-Cebu business regulation chief, in an interview said the increase mirrors Cebu’s vibrant economy which attracts more businesses to start.

DTI-Cebu surpassed its target to register over 14,800.

The official noted that business name (BN) registration had grown an average 12% for the last 14 years.

In 2015 the aggregate capitalization of registered sole proprietors in Cebu totaled P2.3 billion, down from P5.4 billion in 2014. Most of businesses registered last year were not capital intensive, Bation said.

In 2013 total capitalization amounted to P1.01 billion.

A total of 25, 428 jobs were generated last year, down from 29,221 in 2014.

Bation said that most enterprises registered last year were low labor intensive.

The DTI official added that more than half of enterprise registrants are involved in retailing while others are into the services sector.

She said on-site registrations will be done in some Cebu municipalities in the coming months with the help of local government units.

Traditionally, BN registration picks up in the first quarter of the year, while December normally posts the lowest number of registration.

Bation had earlier predicted an increase of printing and election-related enterprises, leading to the national poll in May this year.

A business name lasts for five years and has to be renewed if the enterprise is to be continued. (FREEMAN)