DTI Davao Region to entreps: Register, renew registration Think tank sees PH growth slowing to 5% this year

GDP growth in the fourth quarter of last year will again be high, but growth will be slower in 2023, independent think tank IBON Foundation said on Wednesday.

“Even if we see it in the 7-7.5 percent or more growth for 2022, there will be a slowdown in 2023,” said IBON Executive Director Sonny Africa.

As the Philippine Statistics Authority prepares to announce the preliminary GDP growth figures for the last quarter, Africa also said the expected high growth “will only be high because it is coming from the reopening of the economy and the base effect.”

Africa added the growth will not be sustained because job creation last year, he said, was below par.

“Although the government claims a 6.5 middle of the estimate, we think that based on their track record of the last 5 years of overestimating, again on that crude measure, the real growth will probably be just around 5 percent,” he said.

Rapid growth last year did not create jobs, while informality worsened, house- permit requirements. hold savings dropped, poverty increased, he explained.

TheDepartment of Trade and Industry (DTI) in the Davao Region is urging entrepreneurs to register their businesses, including their business names, to legalize their operations.

Philippine economic managers have touted the local job market as a key strength in meetings with prospective investors in Davos, Switzerland during the World Economic Forum, and in Frankfurt, Germany during the Philippine Economic Briefings -- all designed to showcase the Philippines as an investment destination.

The official employment, labor force participation, and unemployment figures hit their best levels since 2005 last November. However, underemployment has been elevated and volatile, and NEDA Secretary Arsenio Balisacan has also admitted there is a need to improve the quality of jobs being created.

Africa argued that many of the jobs created last year were in the informal sector, where income levels are much more erratic and employees often enjoy no benefits. He added that poverty incidence has been increasing - a sign, he said, that the job market and the economy are not as healthy as the numbers suggest.

The local government units (LGUs) have set January of every year as the period for business permit renewal. Hence, all business owners are expected to secure all the requirements in order to operate continuously.

Before getting a business permit from the concerned LGU, those categorized un- der sole ownership or proprietorship must register their business names first with the DTI. Meanwhile, businesses categorized as partnerships or corporations can register their trade name with the Securities and Exchange Commission (SEC). The business name registration (BNR) certificate is one of the business

DTI 11 Regional Director Maria Belenda Q. Ambi explained that the business name registration is valid for five years, while the business permit must be renewed annually.

Meanwhile, the business name registration from DTI is valid for five years. The local trade chief explained, though, that the certificate from the agency is not yet a license to do business.

“Getting a business name registration certificate from us does not give the holder the right to start operating already. It has to be understood that this is not yet proof of legitimacy since it is only the business permit issued by the LGU that will give you the authority to operate,” Ambi said, adding that the BNR certificate is just one of the requirements submitted to the LGU when applying for a business permit. Business owners have the option to file their BNR application in any of the DTI offices or Negosyo Centers. For more convenience, they can also apply online through the portal bnrs.dti.gov.ph.

PH brings investment pledges of P1.3B from Swiss firms: BOI

The Board of Investments

(BOI) said Wednesday the Philippines has secured initial investment commitments from Swiss companies, amounting USD24.7 million (PHP1.3 billion) during the country’s investment mission to Switzerland from Jan. 9 to 13.

These potential investments were generated during the business meetings organized by the Philippine Trade Investment Center (PTIC) in Geneva, Bern and Zug in Switzerland.

These business meetings were conducted on the sidelines of the Philippines-European Free Trade Agreement (EFTA) meeting and the 5th Joint Economic Commission (JEC) meeting between the Philippines and Switzerland.

“With no less than the President as the country’s number one salesperson in pitching the Philippines, the country’s improved business climate continues to soar high as several multinational companies ramp up their interests in setting up businesses in the country along with existing firms expanding their investment portfolios,” Trade Undersecretary and BOI managing head Ceferino Rodolfo said.

The USD24.7-million investment pledges, which are expected to generate 475 jobs, came from the keypad and silicone sensor manufacturer, Sateco AG and startup company, NaturaLoop.

Sateco AG aims to invest USD9.7 million (PHP530.5 million) for a manufacturing facility at the TECO Industrial Park. The manufacturing plant is expected to be completed by 2024.

NaturaLoop also plans to set up a USD15-million Cocoboard factory in the Philippines.

Currently, NaturaLoop is developing a supply chain for coconut husks in Quezon province with local partners ProSource International Inc. and Quezon Federation and Union of Cooperatives (QFUC).

For the past five years, investments of Swiss companies in major investment promotion agencies amounted to PHP1.4 billion, with notable projects from companies such as Nestle, Avaloq and CPW.(PNA)