The Philippine Franchise Association (PFA) has announced its projection of a modest 8 to 10 percent increase in franchise growth within the country for the current year.
“We are seeing 8 to 10 percent since we saw new emerging concepts. There is a growing franchiser, new revenues, and job generation,” said Sheryl Quintana, PFA chairperson and founder of Oryspa Spa Solutions.
But in terms of revenues, Quintana explained that the PFA saw lower revenues compared to last year.
“I think the projection is much lower than last year. Which probably, we will hit 8 to 10 percent at most for this year. That is why we want to talk about year-on-year because the projection is bigger,” she told reporters on the sidelines of the opening of the Franchise Asia Philippines 2024 Expo on Friday.
For his part, Sam Christopher Lim, PFA director for ASEAN and Special Projects, said franchises acquired by franchisees, to date, vary.
“Sometimes, the franchisee gets 5 to 7 franchises or multiple units. In terms of revenue growth, we are still looking at 12 to 15 percent, just like last year. But it is hard to forecast growth indeed in our industry,” Lim said.
FAP 2024 overall chairman and PFA director Joey Garcia, on the other hand, disclosed that with the entry of new foreign concepts, it is expected to provide ample growth for the industry this 2024 and in the coming years.
“The entry of new foreign concepts and new brands as an offshoot of the 3-day Franchise Asia Philippines 2024, will contribute to the growth of the sector,” Garcia added.
700 brands participated
According to the PFA, Franchise Asia Philippines continues to be a one-stop shop for business opportunities after showcasing over 700 brands during the PAF Expo 2024 at the SMX Convention Center Manila.
Aside from franchise opportunities, the expo will also feature highly franchisable concepts and business solution providers.
As Asia’s biggest franchise show, the event brought together a diverse range of homegrown and global franchise brands, which offered a unique opportunity for entrepreneurs and aspiring franchisees to explore innovative business concepts and investment opportunities in food, retail and service.
"This year, Franchise Asia Expo featured international exhibitors from Korea, Singapore, Thailand, the United States, and more. It also introduced well-established and successful franchises to the Philippine market, providing local entrepreneurs with access to a wide array of business models and strategies from across the globe. There is even a concept that offers the possibility of getting a US investor visa," Lim said.
In addition to the showcase of international franchise brands, he said the event has featured a series of seminars and workshops tailored to provide invaluable insights and practical knowledge for entrepreneurs and prospective franchisees.
The seminars covered various topics essential for building and managing successful franchise businesses, offering participants the chance to learn from industry experts and network with like-minded individuals.
In its 31st year, Franchise Asia Philippines Expo is PFA’s flagship activity to promote franchising as a tool to create businesses and jobs.
It has been averaging 50,000 visitors every year, which is a testament to the Filipino's continued confidence in franchising as a way to start a business.
