The Department of Trade and Industry (DTI) reported on Tuesday, Sept. 8, that business name registration of online businesses boomed from 1,753 in January-March 15 this year — or before the declaration of the community quarantine — to 75,876 as of September 2.
Meanwhile, based on latest data released by the Business Name Registration Division (BNRD) of the DTI, total number of business names registered in the DTI (as of September 2) is 712,657 which is 12% higher than total business names registered for the entire 2019 recorded at 637,690.
Department of Trade and Industry (DTI) secretary Ramon Lopez expressed optimism over the development citing the growing adoption by citizens of digital transactions in government.
“We are pleased to know that our citizens are starting their businesses right by registering their business with appropriate government agencies, such as the DTI,” he said.
Lopez added: “I think the end-to-end registration system is the reason for the increase. With the online business name registration system (BNRS), I believe that our entrepreneurs find it easier to comply as they can finish the entire registration process within eight (8) minutes. This platform is readily available to the public in the comfort of their own homes.”
The trade chief emphasized that the migration of business registration to the digital platform was part of the government’s ultimate push for ease-of-doing business.
In 2018, reforms to make BN registration easier and more convenient were introduced with the issuance of Department Administrative Order (DAO) 18-07 on the Revised Implementing Rules and Regulations of 2018 of Act 3883.
The following year, the BNRS Next Gen was launched allowing the end-to-end online registration of BNs. Sole proprietors may submit applications for BN registration (new and renewal), pay the registration fee via credit card, GCash, Paymaya, and Landbank’s Link Biz portal and download their certificate of BN registration through the BNRS Next Gen.
Lopez explained that DTI saw a drastic increase during the Covid-19 period, when BN applications reached 9,692 in May, and further peaked in June when over 33,000 business names were registered.
“The silver lining in Covid-19 is the accelerated adoption of e-commerce. Hence, the DTI is also increasing our efforts to promote ecommerce by building trust between consumers and merchants, and focusing on the digitalization of our micro, small and medium enterprises (MSMEs),” the trade chief said.
Lopez also reported that aside from the increase in the number of total businesses registered, there was also a surge in people transacting payments online.
He added: “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 to work with Congress and address the needs of the consumers while promoting the growth of e-commerce in the country. Our focus is to increase market access through digitalization and logistics integration.”
Likewise, the trade chief also reiterated the importance of the Internet Transactions Act, which he noted would “support the government’s role of enabling business and protecting consumers.”