The Philippine Franchise Association (PFA) targets a 10 to 13 percent growth over the next five years as players recover from the pandemic, new concepts are introduced and expansion of brands picks up, according to Sherill Quintana, PFA chairman.
The industry chalked up revenues of P27 billion in 2022.
Sam Christopher Lim, PFA president, said employment should grow in the same rate as revenues from the last count of 2 million in 2022.
Lim said the food services sector has been recovering to pre-pandemic level but services lag behind.
He said services would recover by next year.
Emerging new franchise concepts include agriculture, education and training.
According to Quintana, franchising remains a viable business option to those wanting to expand to multiple locations and for new entrepreneurs to try their hand in business due to its high success rate of about 90 percent.
PFA is hosting the biggest franchise event in the world coinciding with the annual Franchise Asia Philippines Expo on October 24 to 30 at the SM Convention Center
Richard Sanz, expo chair, said the World Franchise Council will be held on October 27 to 29 showcasing 1,000 international and local brands from 350 companies from Australia, China, Japan, Korea, Singapore, Taiwan, Thailand, the US etc.
The hosting of the Philippines, the first time since 2011, will serve as a platform for the country’s quest to become the launchpad of brands in Asia.
The Philippines will also host the October 25.
