88K new online businesses register with DTI in 2020

By Kris Crismundo

January 20, 2021, 4:11 pm

<p><em>(PNA file photo) </em></p>

(PNA file photo) 

MANILA – The Department of Trade and Industry (DTI) has registered record-high numbers in business name registration in 2020 driven by new registration from online entrepreneurs, the trade chief said Wednesday.

At the virtual launch of "DiskarTech Ipon Galing", DTI Secretary Ramon Lopez said 88,000 new online businesses registered with DTI at end-2020.

The number rose from 1,700 online business registrations between January and March, which was before the onset of the coronavirus disease 2019 (Covid-19) pandemic.

“Amidst the pandemic, there are still many opportunities we can find and discover. In fact, now the pandemic in 2020, the newly-registered businesses increased to 900,000 as of Dec. 17, 2020. That is the highest growth rate of 41 percent since 2010,” Lopez said in mixed English and Filipino.

He added that new entrepreneurs can tap DTI’s program to help them become smarter entrepreneurs.

“DTI will always be here for you to help you find the right business so that you can become smarter entrepreneurs,” he said.

The trade chief cited DTI programs that can help entrepreneurs to grow their businesses like the Kapatid Mentor ME, which focuses on mentorship, access to capital, and expanding the markets.

Lopez also urged entrepreneurs to save money they earned from their business and re-invest it in their venture.

“We need to have that mindset of becoming prudent. We have to save from our income. We just don’t spend it for ourselves, but we spend the money for our business,” he added. (PNA