NEW COMPANY registrations reached 52,304 in 2024, a 6% increase from 49,506 in 2023, supported by digital platforms that streamlined applications, the Securities and Exchange Commission (SEC) said.
Stock corporations accounted for 75% or 39,146 of newly registered firms, followed by non-stock corporations at 21% or 10,782, the SEC said in an e-mailed statement on Tuesday.
The remaining 5% or 2,376 were partnerships. Latest registrations of one-person corporations grew by 27% to eight,640 in 2024 from 6,794 the previous 12 months.
The SEC recorded 527,710 lively registered firms as of the tip of 2024.
“Digital transformation has at all times been one in every of the highest priorities of the SEC to enhance the efficiency of our services. Surpassing the 50,000 mark in company registrations serves as a testament that we’re on the appropriate track in encouraging entities to legitimize their operations through registration with the commission,” SEC Chairperson Emilio B. Aquino said.
When it comes to location, the SEC said about 40% or 20,231 were based in Metro Manila, followed by Calabarzon (Cavite, Laguna, Batangas, Rizal, and Quezon) at 16% or 8,226, and Central Luzon at 12% or 6,141.
The services sector led recent registrations at 86% or 44,872, with the wholesale and retail trade, and repair of motorcars and motorcycles segment recording 12,479 recent registrants.
“In 2025, we’ll capitalize on the success of our digital transformation journey and explore other strategies that may bring our services closer to the general public to contribute to the further improvement of ease of doing business within the Philippines,” Mr. Aquino said.
The SEC said its digitalization initiatives, launched in 2021, reduced the registration process to a few days from 34 days.
In July last 12 months, the company regulator launched the third wave of digital initiatives geared toward making company registration more efficient, including the creation of a platform that eliminated the necessity for wet signatures and the submission of hard copies of registration requirements.
The digital initiatives also included the creation of a unit for the registration of entities covered by the Foreign Investment Act and foreign multinational firms; the establishment of a web based portal to process amendment applications of corporations; and data sharing with other regulatory and enforcement agencies for improved tax administration. — Revin Mikhael D. Ochave
