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[av_heading heading=’WV posts uptick in new businesses in Q3 2017′ tag=’h3′ style=’blockquote modern-quote’ size=” subheading_active=’subheading_below’ subheading_size=’15’ padding=’10’ color=” custom_font=” av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” admin_preview_bg=”]
by Rhick Lars Vladimer Albay
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January 18, 2018
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ILOILO City – The prospects of growth in the private sector of Western Visayas remains bullish as more small and medium enterprises and establishments venture into new businesses in the hopes of capitalizing on the rapid growth of the region, shows data from the Department of Trade and Industry (DTI) Region 6 and Securities and Exchange Commission (SEC).
DTI-6 reports a 28.90 percent increase in the total number of new business names registered during the third quarter of 2017, when compared year-on-year to 2016. Led by Iloilo with 1,690 new registered business ventures, a total of 5,112 new establishments were recorded in the region between July and September 2017 – significantly higher than the 3,966 posted during the same quarter in 2016.
DTI-6 attributes the spike in registration numbers to the implementation of Department Order No. 10-08:2008 which allows the online registration of business names in each region. The department order allows registration to be made online through the DTI field or provincial office in the area where the business is located.
Also instrumental to the rise of business name registration is the establishment of Negosyo Centers in several provincial municipalities of Western Visayas, making the registration process more accessible to business owners further away from the city.
However, a 5 percent decrease was noted in the overall number of renewals in Region 6 – the Province of Guimaras posting the highest dip at 50 percent. Meanwhile, Iloilo saw a 31.95 percent drop in the number of renewals in the third quarter of 2017 – from 385 processed between July and September in 2016 to 262 in Q3 2017.
Western Visayas saw a 9.57 percent hike in the number of firms registered in the region, resulting in an increase in paid-up capital stock – a 70.91 percent uptick, or P 376 million in 2017 compared to the same quarter in 2016 which posted P220 million. Paid-up capital is the amount of money a company has received from shareholders in exchange for shares of stock. Both non-stock and partnership firms registered increased in number, by 33.91and 9.09 percent respectively.
The Securities and Exchange Commission (SEC) noted that these increases in stock, non-stock and partnership firms were registrations mainly coming from Iloilo City which is the center for real estate, shopping, trade, and finance in Western Visayas.
The new sales office and repair shop of Toyota Motors in Numancia, Province of Aklan was the top new registrant during the quarter with a capitalization of P100 million. Other major areas of investment in Western Visayas include restaurant/coffee businesses, merchandise and trading, private security services, and general construction/PN
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