Philippine franchising applications rising with economy
While the economy continues to soar, Philippine franchising applications are projected to follow suit, with high interest from Southeast Asia.
This is the belief of Philippine Franchise Association (PFA) chairman Franklin Go, who is also VP of restaurant/bakery chain Goldilocks.
“With the GDP growing the way it is projected, there will be more franchise applicants,” he says.
“We have seen a lot of small homegrown entrepreneurs shining, and one day they might be able to compete globally. So we are hoping this will go way, way up. That is how we are excited about the industry,” he says.
Go also believes Philippine franchises are also becoming popular at a regional level. “We are seeing a lot of applicants from the Asean region coming here,” he says.
From 5 per cent contribution in total retail sales in 1995, franchising now contributes 40 per cent of total retail sales in the Philippines.
“Franchising is a venture where there is no trial and error,” says Go, who attended the three-day Franchising Negosyo Para sa Cebu 2017 expo at Ayala Center Cebu. About 35 franchise brands from food, retail and services took part in the event.
Go says the PFA strives to mount provincial franchise expos to stimulate Filipinos to become entrepreneurs. It is planning expos and seminars in Cagayan, Davao and Iloilo.
Food remains the hottest pick among franchise businesses, followed by services. Wellness franchise packages are also rising.