BUSINESS name registrations hit a record 1.056 million in 2024, data from the Department of Trade and Industry (DTI) showed, with most composed of the small enterprises that comprise the bulk of businesses in the country.
Last year’s tally rose from 984,332 in 2023 and the 937,431 recorded in 2022, up by 7.28 percent and 12.6 percent, respectively, based on figures posted on the DTI’s website.
New registrations accounted for 88.4 percent of the total, or 933,906, while the remaining 122,148 —11.56 percent — were composed of renewals.
The top business activity involved sari-sari retail stores with 180,726 registrations.
Other sectors with significant registration numbers were restaurants and mobile food services activities, 75,974; retail sales via the internet, 61,436; and real estate activities, 42,993 registrations.
The Calabarzon region led in terms of number of registrations with 201,297, followed by the National Capital Region with 178,031.
Barangay-level registrations dominated territorial applications, with 629,897 or 59.6 percent of the total, while city/municipality-level registrations accounted for 232,070.
The DTI has said that the digital transformation of the business name registration system would drive a surge in registrations. In August 2023, the department transitioned to 100-percent online registration.
The initiative was complemented by the system’s integration with local government units with their own business permit and licensing systems.
Micro, small and medium enterprises (MSMEs) comprise the bulk of businesses in the Philippines, a fact that is underscored by the DTI business registration data.
Also on its website, the DTI notes that as of 2023, there were a total of 1.246 million businesses operating in the Philippines, 1.241 million of which were MSMEs — 99.63 percent of the total — and the rest large enterprises.
Micro enterprises numbered 1.127 million, or 90.43 percent, followed by small (109,912 or 8.82 percent) and medium enterprises (4,763 or 0.38 percent) based on the Philippine Statistics Authority’s 2023 List of Establishments.
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