August 6, 2021

The number of business registrations and renewals has reached 1.9 million

According to Ramon Lopez, Secretary of the Department of Trade and Industry (DTI), the number of business registrations and renewals surpassed 1.9 million as of Tuesday.

The number of new and renewed businesses has risen from the previous year’s total of 900,000, according to him.

According to Lopez, who spoke in a television interview on Tuesday evening, although there have been some company closures, the number of new companies that have registered and those who have renewed their operations has actually risen.

As long as there are no “severe lockdowns,” according to the trade commissioner, many industries will continue to operate normally.

He went on to say that this would assist the nation in further reducing the unemployment rate, which is now close to the pre-pandemic level of 5 percent.

The unemployment rate in May 2021 was 7.7 percent, a decrease from the previous month’s rate of 8.7 percent and a decrease from the 17.7 percent rate of joblessness seen at the peak of the epidemic last year at the time.

“As long as we are allowed to reopen, we notice (a) more rapid response to job openings. In other words, more people are returning to work, more industries are opening up, and more companies are reopening,” Lopez said.

As the administration is “trying to find methods and means to accomplish economic recovery,” he believes President Rodrigo Duterte’s order to approve economic reform legislation such as changes to the Foreign Investments Act, Retail Trade Liberalization Act, and the Public Service Act is “very timely.”

Lopez said that these important legislations would assist in the attraction of foreign investment in the nation, which will result in the creation of additional employment for Filipinos.

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