The number of business registrations and renewals has surpassed 1.9 million.
According to Department of Trade and Industry (DTI) Secretary Ramon Lopez, business registrations and renewals totaled 1.9 million as of Tuesday.
According to him, the number of company registrations and renewals has risen from 900,000 in 2015.
“While some companies have closed, the number of new businesses that have registered and those who have renewed their operations has actually increased,” Lopez said in a television interview on Tuesday evening.
Many industries would stay open, according to the trade head, as long as there are no severe lockdowns.
He went on to say that this will assist the nation get closer to its pre-pandemic unemployment figure of 5%.
The unemployment rate in May 2021 was 7.7%, down from 8.7% the previous month and lower than the 17.7% rate during the peak of the epidemic last year.
“As long as we can reopen, we expect a faster response to job openings.” In other words, more people are returning to work, and more industries and companies are reopening,” Lopez said.
President Rodrigo Duterte’s order to approve economic reform legislation including revisions to the Foreign Investments Act, Retail Trade Liberalization Act, and Public Service Act is “extremely timely,” he added, as the administration is “trying to find methods and means to accomplish economic recovery.”
These important laws, according to Lopez, will assist to attract foreign investment into the nation, which would result in more employment for Filipinos.