Prospective entrepreneurs are encouraged to invest in franchise business to create more jobs and boost trade in the country.
“We are unleashing an army of entrepreneurs. Franchising is about building an army of entrepreneurs. Every franchisee is an entrepreneur. And for every entrepreneur unleashed – jobs, trade, and opportunities are created,” said Philippine Franchise Association (PFA) President Richard Sanz.
Sanz noted the Philippines is now the seventh country with the highest number of franchise brands, following Korea, India, United States, Taiwan, Brazil and France.
“Philippine franchising grew exponentially and has become a frontrunner in global franchising today,” he said, attributing this to PFA’s introduction to micro, small and medium enterprises (MSMEs) about franchising as a strategy for growth.
Sanz pointed out that before PFA, franchising was limited to foreign brands and large companies and hardly made an impact in the economy.
He said there are currently 1,800 franchise brands in the country with total output of USD25 billion and creating over one million jobs.
“Filipino brands are expanding rapidly, there are about 30 Filipino global brands in the world right now but we want to see 100 Filipino global brands three years from now in 2022,” he added.