Tuesday , May 22, 2018

Business name registrations up

THE Department of Trade and Industry (DTI) Cebu recorded a 21.9 percent increase in business name registrations from January to March this year.

Compared to the first quarter of 2016 with 3,919 business name registrations, DTI Cebu marked 4,781 business name registrations in the first quarter of 2017. Of the number, 4,170 are new applications, while 611 are renewals.

During the first three months of the year, jobs generated by these sole proprietor businesses reached 7,461, with total capitalization amounting to P531.9 million.

Businesses involved in food, general merchandise, and transportation were the top drivers of the first quarter’s registration.

In terms of capitalization, however, real estate companies poured the largest investments, followed by transportation and construction companies.

Meanwhile, top job producers are construction, food, and general merchandise.

In another development, DTI also announced that it will release “anytime soon” the P1-billion fund for the Pondo sa Pagbabago at Pag-asenso (P3). In a statement, DTI said it has already ironed out the guidelines of its implementation, together with the Small Business Corp. (SB Corp).

According to DTI, the funds from the Office of the President will be coursed through the SB Corp., which will accredit partner institutions such as non-bank microfinance institutions, cooperatives and associations to serve as conduit for the P3 funds. With borrowers identified through these, collection of repayments will be efficient.

The program was first piloted in Tacloban, Leyte last Jan. 25, San Jose, Occidental Mindoro last Jan. 27, and Alabel, Sarangani last Jan. 30.

“The primary beneficiaries of the P3 Program are microenterprises and entrepreneurs that do not have easy access to credit. These include market vendors, agri-business owners and members of cooperatives, and industry associations,” said DTI, adding it will first prioritize the country’s top 30 poorest provinces.

DTI also promises “easy” access to finance with the P3 program, since it will only require minimal documentation requirements; easy to access with only one day processing of application; low cost interest at 2.5 percent per month; and easy payment with collection on a weekly or daily basis, as necessary.