Vol. XXII, No. 155 [ BusinessWorld Online ]
Tuesday, March 10, 2009 | MANILA, PHILIPPINES
THE TRADE department (DTI) has decided to automatically renew business name registrations that are about to expire to make it easier for firms to continue operations amid the economic downturn.
Under an order signed by Trade Secretary Peter B. Favila late in February, "all business name registrations due for renewal ... shall be renewed automatically with or without an application ... filed with DTI".
This was in line with the department’s goal to "strengthen industries adversely affected by the economic crisis," he said.
Firms, however, will still have to pay the renewal fee. The registration will be cancelled six months after the original expiry date if the DTI receives no payment.
Mr. Favila had said the department would be focusing on generating jobs this year through entrepreneurship programs.
Earlier in January, the DTI slashed business name registration and renewal fees by half to P150.
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