Sari-Sari stores dominate new business-name registrations in 2022 – BusinessWorld Online

A vendor sits in a stall selling products within sachet packaging at a public market in Manila, Philippines, Aug. 1, 2019. — REUTERS

THE DEPARTMENT of Trade and Industry (DTI) said Wednesday that it registered 827, 491 new business names this year, accounting for 88. 8% of new registrations.

“The business activity of most of the BN (business name) registrations, based on the Philippine Standard Industrial Classification, is retail selling in sari-sari stores with 180, 406 processed applications, ” the DTI said inside a statement.

This was followed by restaurants and mobile food services plus real estate with 75, 391 and 32, 764 registrations, respectively.

A total associated with 104, 606 applications were for renewals, bringing total new registrations to 932, 097 this year.

The department reported within 2020 complete BN registrations of 916, 164, followed by 867, 647 in 2021.

“In 2022, total number of company names was 7. 4% higher as compared to last year, and is considered a record-breaking year, ” the DTI said.

Industry Secretary  Alfredo  E.   Pascual noted that  the rising number of sole proprietors registering their business names is “a positive sign” of recovery from the particular pandemic.

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

“As we constantly integrate technology in the improvement associated with our services, the department is working closely with the DICT (Department of Information and Communications Technology) in order to fully implement an end-to end registration, in support of e-governance measures to achieve a more efficient public service delivery and better experience for our citizens, ” this individual said. —  Arjay L. Balinbin

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