Business name registrations decline 1.72% Q1
REGISTRATIONS of business names declined 1.72% in the three months to March to 432,259, the Department of Trade and Industry (DTI) reported.
According to the DTI, 11,660 registrations were recorded in the first five days of April, bringing total registrations as of April 5 to 443,919.
Of the total, 371,449 were new registrations, while 72,470 represented renewals.
In the year to date ending April 5, some 79,356 names were registered in Region IV-A or Calabarzon, followed by 55,062 registrations in Region III, or Central Luzon.
Business name registrations in the National Capital Region totaled 49,820 during the period.
A majority of registrations, or 249,115, were generated by businesses involved in the wholesale and retail trade, motor vehicle repair, motorcycles, and personal and household goods.
Some 57,778 registrations were in the accommodation and food service industries, while 25,617 were engaged in real estate.
Online channels accounted for 82.9%, or 368,318, of the registrations.
Meanwhile, hybrid registrations accounted for 69,958, or 15.8%, and walk-in registrations totaled 5,643, or 1.3%.
During the year to date period ending April 5, the DTI said registration payments were dominated by GCash, which accounted for 88.3%.
Other payment channels were Maya (5%), DTI Teller (4.5%), credit card (1.47%), and LANDBANK (0.68%).
Last year, business name registrations hit 1.06 million. Of the total, 938,681 were new registrations and 123,057 were for renewal. — Justine Irish D. Tabile
