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Franchise business is one of the most popular business trend in the Philippines today. Part of the reason why is because of the many business opportunities that this type of business had introduced in the Philippine market, particularly when many of these had aimed to offer an opportunity for the middle-class to establish their own business. Benefits of Franchise Businesses There are many benefits of obtaining a franchise business, and one of those is the advantage that allows franchisees to take advantage on the success of the franchisor in his/her business. According to business experts, the main advantage of franchise businesses is that people (Filipinos) can start-up their business quickly based on a recognized and proven trademark, compared to starting up their business from scratch. Other important factors that made franchise business a popular business trend in the Philippines is because of its continuous growth in providing new business opportunities in the market, particularly with the growth of the food cart franchise business. According to the PFA or the Philippine Franchise Association, the franchise industry in the Philippines had grown immensely from 50 franchises in the 1990s, to over a thousand in today’s trends. And most of these franchises are made up of food cart franchise businesses. A Support from the Private Sectors Another reason why franchise businesses became popular in the Philippines is because of the support of the government, as well as the private sectors, by providing them with financial assistance services through loaning. A popular example is BPI’s Ka Negosyo franchise business financial services. The Bank of the Philippine Islands, or popularly known as BPI, is one of the premier banks in the Philippines today, and part of what made it recognized is because this is the first bank to have ever been established in the Philippines. In addition to that, BPI is also known or its many financial assistance services that caters to the needs of Filipinos to make their lives better, such as the Home-Loan and Auto-Loan services that offers the chance to buy a house and own a car respectively. Other than these services, BPI had also introduced the Ka Negosyo franchise business financial assistance due to the increasing popularity of franchise businesses, as well as the demand for reliable loaning services. And the best about Ka Negosyo franchise business services is that it allows Filipinos to franchise a business even though they lack the necessary budget, while taking advantage on its lower interest rates compared to other business. Contribution to the Economic Growth Because of the many new franchise business opportunities, as well as the support of loaning firms and banks, such as BPI, many Filipinos were given the chance to start their own business or franchise a business. However, other than the owners, the Philippine economy had also benefited from the growth of the franchise industry in the Philippines. According to the PFA, franchise businesses had created thousands of enterprises and generation of hundreds of thousands of jobs, making franchising an important tool in the country’s economic growth. The Philippines was also recognized as the “franchise hub of Asia” when it comes to the development of franchise concepts.
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