DTI: Business Registrations Hit A “Record-Breaking Year” in 2022

The Department of Trade and Industry (DTI) said it reached a “record-breaking year” in 2022 with the number of businesses registered at 7.4% more than last year’s level and nearing the one million mark – its highest in a decade.

DTI said 932,097 new and existing business names (BNs) have registered, a notable increase compared to 2021’s 867,647 and 2020’s 916,164.

“The rising number of sole propretors registering their business names is indeed a positive sign that the Filipino entrepreneurial spirit is alive and recovering from the pandemic,” Trade Secretary Alfredo Pascual said.

“We are pleased that more sole proprietors have undertaken the necessary first step of registering their businesses, starting with their business names,” Pascual added.

Newly registered BNs were 88.8% of the total, equivalent to 827,491 while 104,606 BNs were renewals.

According to the Philippine Standard Industrial Classification data, most of the newly registered BNs are in retail, with 180,406 retail businesses selling through “sari-sari” stores, followed by restaurants and mobile food services activities with 75,391 registrations.

Coming in third is real-estate buying, selling, renting, leasing, and operating of self-owned or leased apartment buildings, nonresidential and dwellings.

Pascual said DTI plans to improve business registration by making it less complicated. It will work with the Department of Information and Communications Technology to fully implement an end-to-end registration to support e-governance measures for more efficiency and a better experience for the public.

Additionally, DTI said they plan to give tax incentives to newly registered businesses as part of their initiative to help small businesses grow and thrive in the country.

Source: Inquirer.net