BUSINESS name registrations filed with the Department of Trade and Industry (DTI) surged 19.69 percent in May, as more Filipinos set up new ventures despite economic uncertainties tied to the Middle East conflict.
Of the total, 70,750 were new registrations while 8,415 were renewals, according to the latest data from the DTI Business Name Registration System.
This brought total registrations from January to May to 622,706, up 11.63 percent from 557,827 in the same period last year.
Wholesale and retail trade, including motor vehicle repair and personal and household goods businesses, continued to account for the largest share of registrations in May, with 41,332 filings or 52.21 percent of the total.
These were followed by accommodation and food service activities with 11,292 registrations, manufacturing with 4,522, and real estate activities with 3,846.
Sari-sari (mom-and-pop) store registrations alone reached 12,953 in May.
Including filings recorded during the first three days of June, DTI business name registrations this year have reached 632,204. Of these, 533,749 were new registrations while 98,455 were renewals.
As in previous years, micro and small enterprises accounted for the bulk of registrations. Barangay-level registrations reached 397,930, followed by city or provincial registrations with 141,011, national registrations with 51,211 and regional registrations with 42,052.
Jonathan Ravelas, senior adviser at Reyes Tacandong & Co., said the strong growth in registrations pointed to improving business confidence, although support remains necessary to help small enterprises expand. (Logan Kal-El M. Zapanta © Philippine Daily Inquirer)
