The Department of Trade and Industry said they are eyeing to reach one million registrants of businesses this year, as their business registration numbers are now more than 900 thousand as of October 2023.

In a press conference on Friday, Phillip Joseph Roque, chief of the Department of Trade and Industry Business Name Registration Division said that as of 31 October 2023, business name registration in the country hit 902,597, almost attaining last year's total business name registration of 937,000.

"Most of these registrations are sari-sari stores. We aim to reach 1 million by the end of the year, and hopefully we can reach the goal," he said.

Easing process of biz permits

Also on Friday, Trade Secretary Alfredo Pascual signed eight Memoranda of Agreements with various executives of local government units to facilitate the integration of the DTI's Business Name Registration System or BNRS into the respective online Business Permits and Licensing System or BPLS of the LGUs.

Pascual signed the MOA with the LGU of Baguio City; Balanga City, Bataan; Carmona, Cavite; Bislig City in Surigao Del Sur; Butuan City, Butuan; San Pedro City, Laguna; Bacolod City, and Guiginto, Bulacan.

"This partnership through system integration demonstrates our strong commitment to simplifying our registration procedures and requirements for the benefit of Filipino entrepreneurs, particularly for micro, small and medium enterprises," Pascual said.

Further, the Trade chief said that the measure would steer the country toward digital transformation, in line with the directives of President Ferdinand Marcos Jr, stating that the DTI has been working to reduce regulatory requirements and processes that would benefit citizens who wanted to start their entrepreneurial journey in the country.

As the first step in the business registration for a sole proprietorship, business owners need to register their business names with the DTI through BNRS, one of the first online, end-to-end registration systems in the government.

Pascual said aspiring entrepreneurs can enjoy the convenience of having to transact with the DTI through their mobile phones in the comfort of their homes, or wherever they are, 24/7.