MORE businesses are thriving in Negros Occidental as reflected by the higher number of enterprises registered at the Department of Trade and Industry (DTI), an indication of a growing economy of the province.

DTI-Negros Occidental reported that 17,008 enterprises in the province have applied for business name registration in 2019.

Of the figure, 14,602 are for new businesses while 2,406 are for renewal.

Last year’s business name registration is almost 36 percent higher compared to 2018 with only 12,536, it added.

Engiemar Tupas, officer-in-charge of the Industry Development Division of DTI-Negros Occidental, Thursday, January 2, 2020 told SunStar Bacolod that the higher business name registration is attributed to continuous information dissemination, conduct of entrepreneurship seminars, and the presence of Negosyo Centers.

The establishment of Negosyo Centers is provided under the Republic Act 10644, or the Go Negosyo Act.

Tupas, also the focal person for Go Negosyo Center in Negros Occidental, said aside from delivering entrepreneurial and business development interventions to local micro, small and medium enterprises (MSMEs), the facilities are also providing business name registration services.

Currently, there are 23 Negosyo Centers in the province catering to enterprises for business name registration.

These are in cities of Bacolod, Sipalay, Kabankalan, Himamaylan, La Carlota, Bago, Talisay, Silay, Victorias, Cadiz, Sagay, Escalante, and San Carlos.

The DTI has also established Negosyo Centers in towns of Hinigaran, Hinoba-an, Cauayan, Binalbagan, Isabela, La Castellana, San Enrique, Pontevedra, and E.B. Magalona.

“More businesses would mean more employment generation thereby spurring economic growth,” he said, adding that this means that people have money that they could use to purchase products.

Valid for five years, business name registration is one of the requirements for a business to obtain a Mayor’s Permit from their respective local government unit. It provides legal personality to the business.

Thus, though the penalty for failure to process or renew is “minimal,” erring establishments can be subjected to closure without the latter.

In processing, registrants are required to bring only photocopies of their valid identification cards.

In terms of registration fee, the DTI collects P230 from businesses within the barangays and P530 for those in cities and municipalities.

The fee is P1,030 for regional businesses, and P2,030 for those national in scope.

DTI-Negros Occidental records further showed that, for 2019, most enterprises process their registration in January with a total of 4,158.

Most these are new businesses, 3,468 while the remaining 690 are for renewal.

In February, the agency registered 2,632 businesses; March - 1,663; April - 1,045; May - 921; June - 673; July - 1,359; August - 1,047; September - 1,122; October - 985; November - 711; and December - 692.

Tupas said mores businesses would also mean more taxes to the government.

These taxes, he said, can be used for projects that would ultimately redound to the upliftment of the socio-economic status of the communities.

“A growing economy is evident when there’s an increase in production of goods and services over a specific period of time. With more businesses, more goods and services are produced and offered,” Tupas added.

Moreover, in order for businesses to further grow and expand, the DTI official advised them to offer new products and services, consider new markets, and expand to unserved new territories.

They are also urged to improve customer service, maximize use of social media, and have prudent fiscal management, among others.

“Above all, customer satisfaction should be their priority,” he added.