BUSINESS NAME registrations in August declined 13.3% year on year to 64,331, the Department of Trade and Industry (DTI) said.
According to the DTI’s business name registration system, 57,783 were new registrations, while 6,548 were renewals.
Month on month, business name registrations in August declined 20.68% from July.
Some 57,193 registrations recorded during the month were filed online while 6,356 were on-site transactions.
Women-led businesses accounted for 37,337 of total registrations in August, while 26,994 were listed as male-led enterprises.
The wholesale and retail industry, which includes the repair of motor vehicles, motorcycles, and personal and household goods, reported 32,560 total registrations in August.
This was followed by accommodation and food service activities (9,353), manufacturing (4,115), real estate activities (2,897), and other service activities (2,673).
The Calabarzon region posted the most transactions at 11,610, followed by the National Capital Region and Central Luzon, which had 11,169 and 8,412, respectively.
In the first eight months, registrations stood at 847,839. Of the total, 726,386 were new while 121,453 were renewals.
Asked to comment, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort attributed the drop in business registrations to the Middle East conflict, which continues to weigh on business activity and expansion.
“For the coming months, catch-up spending by the government on various infrastructure projects will help pump-prime the economy and increase business activity,” he said via Viber. — Beatriz Marie D. Cruz