Growth rate of business name registrations hit 10-year high in 2020

BUSINESS name registrations with the government in 2020 grew by its largest margin in a decade, the Trade department said.

Newly registered businesses reached about 900,000 by mid-December, or 41% higher than the previous year.

“‘Yun ang highest growth rate of 41% since 2010,” Trade Secretary Ramon M. Lopez said in the DiskarTech IPON Galing online event on Wednesday.

Online retailer registrations, he said, grew to 88,000 by the end of 2020 from around 1,700 between January to March.

Businesses have turned to online selling after the government last year imposed the lockdown that lowered foot traffic in malls and other commercial centers.

The Department of Trade and Industry previously said that 38% of around 2,000 surveyed micro, small, and medium-sized enterprises were found to have shut their doors during the stricter lockdown in April and May.

E-commerce company Lazada Philippines said that its daily sales grew by 2.5 times last year, noting that the number of merchants doubled.

The Trade department in 2019 moved its business name registration processes online. — Jenina P. Ibañez

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