The Philippines’ franchising industry is expected to grow its revenues by at least 15 percent in 2023, creating around 2 million new jobs as the local sector worth hundreds of billions of pesos is seen to thrive this year. | AldenMonzonINQ /PDI
The PFA official also said that the local industry is planning to expand further overseas, aiming to grow the number of Philippine brands that have foreign presence by more than twofold.
“We have now about 20 brands internationally. We’d like to be able to sell 30 more brands to fulfill our vision of having 50 Philippine brands all over the world,” said Lim. The PFA official said further that most owners of franchise brands want to expand to the United States or Canada, but noted that he thinks the more suitable locations to expand are in countries within the Asian region.“In Asia, except for Japan and Korea, I think the Filipino brands are the most acceptable,” he said, noting that the language barrier in these countries is a major consideration expanding there.
Meanwhile, PFA chair Sherill Quintana mentioned at least two franchise subsectors which they anticipate will drive the growth this year. “The food sector has always been nailing it. But we want to help out also, especially the retail sector,” she said, citing the high growth potential of this franchise segment.Subscribe to our daily newsletter
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
AFP: US-PH to hold ‘largest-ever’ war games with 17,600 troopsThe annual bilateral war games between the Philippines and its longtime ally the United States will be joined by 17,600 troops in April 2023, an Armed Forces of the Philippines official said. | JEMendozaINQ
Read more »
TV ratings for 2023 Oscars rise to 18.7 millionWhile the the Oscars 2023 audience increased compared with last year, it still ranks as the third-lowest on record for the ceremony.
Read more »
Crucifixion, carrying of cross allowed in San Fernando, Pampanga for Holy Week 2023The local government unit in Pampanga has allowed the resumption of the crucifixion, self-flagellation and carrying of the cross traditionally held in one barangay in San Fernando for Holy Week this year.
Read more »
AnTuTu: These are the 10 fastest smartphones in the world (Feb 2023)
Read more »
Nothing Phone (1) tops AnTuTu for mid-range phones (Feb 2023)
Read more »
This passionate artists group will perform flash mob poetry at Art in the Park 2023Interactive art is something that most, if not all, people enjoy because the audience also becomes part of the piece.
Read more »