Franchising industry contributes 7% to GDP

PHOTO VIA MINERVA NEWMAN/ MANILA BULLETIN

CEBU CITY—The franchising industry contributes seven percent to the country’s gross domestic product (GDP), according to the Philippines Franchise Association (PFA) vice chairperson and president of the Philippine Chamber of Commerce and Industry (PCCI) Bing Limjoco in a press conference in Cebu, Friday.

Limjoco said despite the coronavirus disease 2019 (COVID-19) scare and the other challenges the country is facing, the franchising industry in the country remains very positive and has created tremendous job opportunities and livelihood for millions of Filipinos, especially in the retailing and the micro, small, medium enterprises (MSMEs).

“Franchising growth in 2019 was at 20 percent and we want to maintain that for 2020 but we also hope to increase the growth to about 30-percent with our efforts bring the biggest franchising entrepreneurs in Asia to the country via expositions and dialogs,” Limjoco said.

She bared that Philippines is largest in Asia in terms of franchising business, and is the very first country in Asia to gather these franchising experts through the Philippine Franchise Association (PFA) and the Franchise Asia Philippines (FAPHL) 2020 event on March 25-29 at SMX Convention Center, Pasay, Metro Manila.

According to Limjoco when it comes to franchising, there are many opportunities and we are very positive. “We are the first in Asia that brought the Certified Franchise Asia Course to the Philippines since 2010 and this paved the way to the growth and active franchising industry here,” she added.

Limjoco is proud that FAPHL continues to be a magnet for international brands that want to expand in the country. This year, the expo will showcase international franchise brands from Korea, Malaysia, Singapore, USA, and many more, she added.

The franchising industry has become part of the 4th industrial revolution—the digital/online business where retailing and food business are growing at a rapid pace in the online platform, which has become a positive challenge to the industry, Limjoco said.

This article was originally posted by The Manila Bulletin which can be accessed at  https://news.mb.com.ph/2020/02/22/franchising-industry-contributes-7-to-gdp/

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