New businesses generate Php 1-B investments in Palawan

A total of 3,867 new business firms in Palawan generated some Php 1.09 billion worth of investments last year creating some 8,000 employment.

This is the latest data coming from the Department of Trade & Industry –Palawan which registers new business names of single proprietorships.

According to Emma Quillope, Senior Trade & Industry Development Specialist, many of these new businesses are engaged in trading which hit 45 percent and services at 43 percent, while manufacturing had 7 percent and agriculture at 5 percent.

In terms of employment generation, half of the total jobs created came from the services sector registering at 51 percent, many of which are into tourism-related activities that blossomed last year. About 75 percent of total investments or Php 824 million came from this sector.

Trading created the second most number of jobs with 2,843 or 35 percent of the total jobs generated by new businesses with Php 167 million investments in 2011.

Quillope said that business name registration is one of front line services of the DTI regulating its requirements and procedures to protect both the consumers and the business owner.

A business name is a name used in business transactions other than true names of persons and / or judicial entities. Consumers are assured of fair trade transactions because they are provided with the mechanism to trace essential information on the firm and its owner.

Quillope said that their office is hopeful that more businesses will be registered due to the robust growth of the tourism industry in the province and DTI's implementation of the electronic business permit and licensing system in the local government unit level. - PIA — ARA