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Franchise businesses are considered today as one of the most popular types of businesses in the Philippines today. What made franchise businesses popular in the Philippines? And what are the advantages of franchising compared to setting up a business from scratch? Franchise Businesses in the Philippines The franchise business industry of the Philippines had significantly grown since the 1990’s. According to the PFA or the Philippine Franchise Association, franchise businesses in the Philippines had grown from a mere 50 in the 1990’s, to over a thousand in today. One of the few reasons why franchise businesses had grown popular more popular in the Philippines is because of its availability. One of the most popular Negosyo franchise in the Philippines today is food cart business. Different food cart businesses in almost every part of the country, and most of these are franchised businesses owned by different franchisors. And the reason why these types of franchise businesses had gained a lot of popularity among many Filipinos is because of its affordability. Compared to expensive franchise business Philippines, such as convenient stores and fast-food restaurants, food cart businesses are far more affordable, which is why a typical Filipino, usually a middle-wage earner, is able to franchise a food cart business easily. This is because food cart franchise businesses today can now be easily afforded for as low as P20, 000 Philippine Pesos. Another reason why food cart franchise businesses had gained a lot of popularity in the market is because of its different concepts. There are literally hundreds of different kinds of food cart businesses in the industry today which ranges from popular Filipino street foods, to popular foreign foods and other more unique food-stuffs. Growth of the Franchise Industry Because of the continuous growth of Kanegosyo franchise in the Philippines, the country was later recognized as the "franchise hub of Asia” when it comes to the development of franchise concepts. Because of this, the Philippines were recognized internationally in terms of creating new franchising concepts, which have also introduced many of the Philippine’s famous brands around the world. The growth of the franchise industry had also affected the economic growth of the Philippines. However, the major contribution of the franchise industry in the Philippines is that it created thousands of enterprise in the country which generated hundreds of thousands of jobs, making franchising an important tool in the country’s economic growth.
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