Business name registrations down nearly 9% in July

Business name registrations and renewals filed at the Department of Trade and Industry (DTI) fell by nearly a tenth in July, as activity slowed in major sectors including retail, accommodation, manufacturing and real estate.

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Data from the government agency’s business name registration system showed that listings in July dropped to 79,317 from 87,059 recorded in the same month a year ago, indicating an 8.9-percent drop.

The July decline was sharper than the 5.3 percent decrease reported in June.

Of the total in July, 69,709 or 87.9 percent were new registrations while the remaining 9,608 or 12.1 percent were renewals.

The wholesale and retail trade sector remained the largest contributor, making up just over half of all listings at 51.3 percent, though its total of 40,720 entries marked a 12.7-percent decline from a year earlier.