September 23, 2020

Online business registrations surge from January to August


Online business registrations surge from January to August

Louella Desiderio (The Philippine Star) – September 9, 2020 – 12:00am

MANILA, Philippines — The total number of businesses registered with the Department of Trade and Industry (DTI) went up by 12 percent in eight months this year as a growing number of firms resorted to online submissions.

In a statement yesterday, the DTI said data from its Business Name Registration Division showed the total number of business names registered with the agency reached 712,657, up 12 percent compared to the 637,690 recorded for full-year 2019.

Online business registrations, meanwhile, surged to 75,876 as of Sept.2, from just 1,753 for the January to March 15 period.

Trade Secretary Ramon Lopez attributed the increase in business name registrations to the growing adoption of digital transactions in government.

“I think the end-to-end registration system is the reason for the increase. With the online business name registration system, I believe that our entrepreneurs find it easier to comply as they can finish the entire registration process within eight minutes. This platform is readily available to the public in the comfort of their own homes,” he said.

Moving the business registration to the digital platform was part of the government’s aim to provide ease in doing business.

Through the online registration system, sole proprietors may submit applications for business names, pay the registration fee via credit card, GCash, PayMaya and Land Bank of the Philippines’ Link Biz portal, and download their certificate of business name registration using their mobile devices.

Lopez said the DTI saw a drastic increase in business name applications during the lockdowns, as it reached 9,692 in May, and rose further to over 33,000 in June.

“The silver lining in COVID-19 (coronavirus disease 2019) is the accelerated adoption of e-commerce. Hence, the DTI is also increasing our efforts to promote e-commerce by building trust between consumers and merchants, and focusing on the digitalization of our micro, small and medium enterprises,” he said.

Apart from an increase in the number of registered business names, he said there was also a surge in the use of online payments.

“DTI is closely working with fellow government agencies and the private sector to address speed, security and structure. We shall comply with the President’s directive during the SONA (State of the Nation Address) to work with Congress and address the needs of the consumers while promoting the growth of e-commerce in the country,” he said.

“Our focus is to increase market access through digitalization and logistics integration,” he added.

He also said the proposed Internet Transactions Act would be important to help businesses grow and protect consumers.

Under the proposed measure, the DTI would have the power to take down websites or issue cease and desist orders to shield consumers from those selling illegal or dangerous products or services.

Source Article