THE Department of Trade and Industry (DTI) has reported a four percent increase of registered businesses in Cebu Province in the first half of 2016 versus the same period last year.
Official data of the trade agency revealed that there were 7,878 single proprietorship businesses that have registered this year, with a majority of these being in the food business. Food businesses accounted for 31 percent, followed by real estate and construction.
“The increase reveals that people nowadays have become more interested in starting their own business than they were before,” said DTI Cebu Consumer Welfare and Business Regulation Chief Zaide Bation, noting that even those who are employed have other businesses on the side.
The presence of seven Negosyo Centers scattered in different parts of the province have also made it easier for entrepreneurs to pursue and open up a business, she added.
Of the total number of business names that DTI registered in the first semester, 90 percent are new while the rest are renewed registrations.
Capitalization for these businesses reached P2.3 billion and generated 12,221 jobs in total.
In terms of capitalization, real estate businesses got the highest with 26 percent, followed by the construction business with 21 percent of total capitalization.
For employment, DTI Cebu said construction business generated the highest with 41 percent, followed by food business with 21 percent of the total employment.
Since 2013, DTI Cebu has recorded increasing business name registrations. The highest recorded was in 2011 with 14,000 business names registered.
A DTI business name lasts for five years and has to be renewed. Business owners can choose to renew their registration online through the DTI business name registration in its website.