NEW COMPANY registrations reached 52,304 in 2024, a 6% increase from 49,506 in 2023, supported by digital platforms that streamlined applications, the Securities and Exchange Commission (SEC) said.
Stock corporations accounted for 75% or 39,146 of newly registered companies, followed by non-stock corporations at 21% or 10,782, the SEC said in an e-mailed statement on Tuesday.
The remaining 5% or 2,376 were partnerships. New registrations of one-person corporations grew by 27% to 8,640 in 2024 from 6,794 the previous year.
The SEC recorded 527,710 active registered companies as of the end of 2024.
“Digital transformation has always been one of the top priorities of the SEC to improve the efficiency of our services. Surpassing the 50,000 mark in company registrations serves as a testament that we are on the right track in encouraging entities to legitimize their operations through registration with the commission,” SEC Chairperson Emilio B. Aquino said.
In terms of location, the SEC said about 40% or 20,231 were based in Metro Manila, followed by Calabarzon (Cavite, Laguna, Batangas, Rizal, and Quezon) at 16% or 8,226, and Central Luzon at 12% or 6,141.
The services sector led new registrations at 86% or 44,872, with the wholesale and retail trade, and repair of motor vehicles and motorcycles segment recording 12,479 new registrants.
“In 2025, we will capitalize on the success of our digital transformation journey and explore other strategies that will bring our services closer to the public to contribute to the further improvement of ease of doing business in the Philippines,” Mr. Aquino said.
The SEC said its digitalization initiatives, launched in 2021, reduced the registration process to three days from 34 days.
In July last year, the corporate regulator launched the third wave of digital initiatives aimed at making company registration more efficient, including the creation of a platform that eliminated the need for wet signatures and the submission of hard copies of registration requirements.
The digital initiatives also included the creation of a unit for the registration of entities covered by the Foreign Investment Act and foreign multinational firms; the establishment of an online portal to process amendment applications of corporations; and data sharing with other regulatory and enforcement agencies for improved tax administration. — Revin Mikhael D. Ochave
