CAGAYAN DE ORO CITY (PIA)--The Department of Trade and Industry (DTI)-10 urged micro and small businesses whose presence are online, to register their business name with the DTI.

In celebration of Micro Small and Medium Enterprises (MSME) week, Talakayan sa PIA, media forum, DTI’s Information Officer Julie Nieva-Costales emphasized that there is nothing to be afraid of when one registers through DTI or government offices. In fact, she said there are benefits which can be availed including programs from DTI which are for free.

“We encourage not just the businesses but the consumers to protect ourselves from online businesses because it is difficult to track. We will then complain at the DTI that we were scammed but these online sellers or stores are hard to trace especially if they don’t have registration,” Costales said.

MSMEs are classified based on asset size, whether single proprietorship, cooperative, partnership, or corporation. These assets include buildings and equipment used to run the business.

If the asset size does not exceed P3 million, that is micro. From P3 million to P15 million, small, but if asset size is P15 million, but not exceeding P100 million, then it is considered medium enterprise.

There are various assistance to MSMEs, Costales said, this is based on the MSME development plan where there are five strategic goals: improved business climate, improved access to finance, enhanced management and labor capacities, improved access to technology and improved access to our market.

Even with restrictions due to COVID-19, there were still a lot of business name registrations received by the department.

In 2020, total registrations (new and renewal), 24,876; new business name registration: 22,490 meanwhile, new business name registered under Online Portal: 9,736.

In 2021, total registrations (new and renewal) : 26,731, of this new business name registration: 24,239 and new business name registered under online portal: 14,946.

Per the magna carta for MSMEs, every second week of July of every year is celebrated to create awareness, give recognition to MSMEs for their very integral role in nation building and people empowerment. Also to firm up ang commitment of the country to support MSMEs for their growth and development. (JMOR/PIA-10)