BARMM logs 4.7K approved biz registrations in Q1 2021
Economic News • 10:45 AM Thu May 6, 2021
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By:
Noel Y. Punzalan/PNA
COTABATO CITY – Despite the coronavirus disease 2019 (Covid-19) pandemic, the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) has approved a total of 4,740 business name registrations (BNRs) for the first quarter of this year.
Records from the Bureau of Trade and Industry (BTI) under the Ministry of Trade, Investments and Tourism (MTIT) of BARMM showed that the significant increase in BNRs this year is 300 percent higher compared to the 1,251 business registrations for the same period in 2020.
“The BNRs from January to March this year had also generated some PHP423-million investment cost and 10,109 employment during the period,” MTIT-BARMM Minister Abuamri Taddik said in a statement released Thursday.
He said the notable increase in the BNRs was due to the intensive campaign of the MTIT in registering business names and the participation of the MTIT provincial offices in the Business One-Stop Shop (BOSS) activity of local government units (LGUs) in the region.
Taddik said recent data showed that the key growing sectors amid the Covid-19 crisis include financial and insurance services, construction, professional services, transport, storage, health, and food services.
He noted that during the celebration of Labor Day on May 1, the MTIT has also done its part to sustainable socio-economic development suitable to the systems of life, needs, and aspirations of the BARMM constituents.
“This is through bringing the inclusive services to communities, ensuring the implementation of laws provided in the Bangsamoro Organic Law, ensuring multi-stakeholder participation, and facilitating appropriate partnership,” Taddik said.
For his part, BTI Director Hussein Biruar has encouraged the micro, small, and medium enterprises or MSMEs to continue their businesses particularly those involved in the delivery of essential commodities.
“Nevertheless, let the enterprises and establishments be reminded to always observe minimum health protocols and adjust to the new normal,” he said. (PNA)