Business names registered in 9 months reach 14,000

DTI Cebu notes 21.9% increase; attributes private, public sector support

Support from the public and private sectors were seen as the driving force behind the increase in the number of registered business names in Cebu for the first nine months of the year, an official of the Department of Trade and Industry (DTI) said.

Based on data from DTI Cebu, business names registered in the province between January and September 2017 period grew 21.9 percent to 14,436 from 11,838 during the same period in 2016.

“This was because of local government units are now requiring business name registration for mayor’s permit as well as the support of the business sector,” Zaide Bation, head of the consumer welfare and business regulation division at DTI- Cebu, said in a text message.

Bation pointed out that private companies require their subcontractors and suppliers to present a business name registration certificate before transacting with them.

She said the private sector now accredits suppliers and business name registration is among the requirements.

For the first nine months of the year, registered businesses reached a total capitalization of P2.38 billion and generated 20,569 jobs.

This reflected a 29.8- percent decline in capitalization from P3.39 billion in 2016 and an increase in employment generation by 8.76 percent from 18,912 in 2016.

For the third quarter of 2017 alone, the number of business names registered in Cebu reached 5,148, up by 30 percent from 3,960 during the same period last year.

Of this, 4,612 were new applications while 536 were renewals.

Total capitalization for the covered period grew 9.15 percent to P1.21 billion from P1.11 billion while employment increased by 0.16 percent to 6,702 from 6,691.

For the months of July to September this year, the most number of business names registered in Cebu came from the food sector, followed by general merchandise, and transportation.

In terms of capitalization, the transportation sector spent the highest while real estate and construction trailed behind.

Construction led the list in terms of employment, followed by food, and general merchandise.

Bation also said that the presence of Negosyo Centers all over the province has helped increase the number of registered businesses in Cebu over recent quarters.

A Negosyo Center offers DTI services aimed at helping businesses such as business name registration, loan and investment assistance and even training opportunities for MSME entrepreneurs

DTI exceeded their 12,000 business name registration target for 2016 and have already exceeded their 14,000 goal for 2017.

Businesses are required to renew their registration with the DTI every five years.