Thousands of Online Businesses Registered during the Quarantine
The Department of Trade and Industry (DTI) has announced that business name registration of online businesses has increased during the quarantine period.
In the report of DTI, from January to March 15 or before the declaration of the community quarantine there are 1,753 online business names registered in DTI and has reached 75,876 as of September 2.
In addition, DTI Secretary Ramon Lopez said that during the COVID-19 period, DTI saw an increase when the business name applications had reached 9,692 last May, and over 33,000 business names were registered in the month of June.
Total Number of Business Names Registered in DTI
As of September 2, 2020, the number of business names registered in DTI is 712,657 and this record is 12% higher than the total business names registered last year recorded at 637,690. This is according to the Business Name Registration Division (BNRD) of the DTI.
According to Secretary Lopez, he said that migration of business registration to the digital platform was part of the government’s ultimate push for ease of doing business.
Secretary Lopez added that the reason for the increase was the end to end registration system where entrepreneurs can easily finish the entire registration process within eight minutes through the online Business Name Registration System (BNRS).
Furthermore, Secretary Lopez said that aside from the increase of the registered online businesses through the internet, there was also a surge in people transacting payment online.
“The silver lining in COVID-19 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 (MSMEs).”- Statement of Secretary Lopez