Eleven-month corporate registration tops 2022 level
THE number of companies that registered in the Philippines had surpassed the 2022 level as of end-November, led by domestic stock corporations, according to the Securities and Exchange Commission (SEC).
In a statement on Tuesday, the corporate regulator said electronic registration hit a record 46,455 in 11 months, exceeding 42,936 in the past year for an 8% growth.
Domestic stock corporations contributed 74% or 34,140 of newly registered corporations, while domestic nonstock corporations accounted for 21% or 9,727, the SEC said. Partnerships accounted for 5% or 2,453.
More than a third or 16,734 of the newly registered firms were domestic stock corporations with fewer than five incorporators, while 14% were one-person corporations.
The National Capital Region had the highest company registration at 39% or 18,342, followed by Calabarzon at 16% or 7,217, Central Luzon at 11% or 5,107, Central Visayas at 7% or 3,443, and Davao at 4% or 1,969.
“Majority or 85% are from the service sector, with the wholesale and retail trade industry group registering 9,859 (21%) new firms, followed by other service activities at 9,756 (21%),” the SEC said.
The regulator attributed the record number to its digital initiatives that cut the registration time, including electronic registration that started in April 2021, as well as its oneday submission and electronic registration of companies introduced five months later.
“In the past five years, the SEC has fiercely advocated digital transformation to achieve efficiency and accessibility in the corporate sector,” SEC Chairman Emilio B. Aquino said in the statement. “The back-to-back record highs seen in 2022 and 2023 for company registration prove that we are succeeding in making doing business easier in the Philippines.”
“As we start a new year, the SEC is ready to further take advantage of automated processes in place, as well as develop new systems to ensure the smooth delivery of services to the transacting public,” he added.