SINGLE propietorship businesses in Cebu grew by 30 percent year-on-year during the third quarter of 2017.
Data from the Department of Trade and Industry (DTI) Cebu shows that 5,148 obtained business name registrations from July to September, up from 3,960 business name registrations issued during the same period in 2016.
Food enterprises, general merchandise, and transportation led the number of new businesses during the quarter.
Of the number, 90 percent is classified as new registrations while 10 percent is comprised of renewals.
In terms of capitalization, third quarter investments amounted to P1.2 billion, from P1.1 billion registered during the same period last year.
Transportation, real estate, and construction topped the list in this category.
Zaide Bation, DTI Cebu consumer welfare division chief, said the support of local government units in encouraging firms to obtain business name registrations with the trade agency prior to issuing mayor’s permit has helped boost the numbers.
In addition, the private sector also played a role in increasing the number of business registrations.
“(The) support of the business sector..their subcontractors and suppliers need to have business name registration before transacting with them. The private sector has accreditation of suppliers where business name registration is one of the requirements,” said Bation, in a text message yesterday.
Jobs generated this quarter reached 6,702, where more than 60 percent were for male workers.
Cumulatively, business name registrations in Cebu reached 14,436 in the first nine months of the year.
A DTI business name lasts for five years and has to be renewed. Business owners can choose to renew their registration online.