THE number of business names registered by the Department of Trade and Industry (DTI) fell 7 percent to 491,327 in January to April this year from 529,850 in the comparable period of last year, data from the DTI’s Business Name Registration (BNRS) showed.
In April alone, the number of businesses registered stood at 59,068, lower by 31.6 percent from 86,415 in March and down 34 percent from 90,036 in April 2024.
The DTI website shows that business names are registered for single proprietorship ventures as a legal identity. A business name registration, however, is not a license to operate a business, it says.
As of May 7, the BNRS data showed the number of businesses registered totaled 505,685. No comparative figures were available.
From this total, 428,183 were new registrations and 77,502 were renewals.
Based on the data as of May 7, the National Capital Region registered the highest number of businesses at 286,651 or 56.7 percent of the total, followed by the Cordillera Administrative Region at 68,157.
The data indicated business owners opted to use the online BNRS to register, with 423,196 accounts received or 83.7 percent of the total.
Retail trade (excluding trade of vehicles) continued to be the top industry for business names, with more than half of the total at 258,612 businesses registered as of May 7.
The other top industries are food and beverage services, 56,667; real estate, 29,116; other personal activities, 16,636; and wholesale and retail trade and repair of vehicles, 15,415.
The DTI on its website said business name registrations hit a record 1.056 million in 2024, an increase of 7.28 percent from the 2023 tally of 984,332.
