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What is franchising? According to many business experts, franchise businesses had gained a lot of success in the Philippines today, particularly when a new franchising concept was introduced in the country which aims to provide lesser Filipinos with the same opportunity that wealthier Filipinos have had with franchise businesses. Franchising Industry in the Philippines According to the PFA or the Philippine Franchise Association, which is the governing body that regulates all franchise business Philippines, the franchise industry of the country had grown more successful in the market today, particularly when food cart franchise businesses were introduced in the country. Popular Franchise Businesses in the Philippines Franchise businesses have been in the Philippines for decades, yet it was only recently that these types of businesses had gained a lot of popularity and success in the Philippines. The reason why, according to many business experts, is the many new franchise businesses in the country, such as the popular food cart businesses. The advantage of these small franchise businesses compared to the kinds of franchise businesses available in the past is its affordability. Unlike fast-food restaurants as well as convenient stores, food cart franchise businesses are far more affordable. Because of this, franchise businesses had quickly spread all over the country, particularly in Metro Manila, which was also the reason why franchise businesses became even more successful in the Philippines. Contribution to the Economic Growth of the Philippines According to the PFA, the creation of thousands of enterprises had generated hundreds of thousands of jobs in the Philippines which made the franchise industry an important tool in the country’s economic growth. It is also because of this growth that the Philippines was recognized as the franchising hub of Asia in terms of concept creation and development. Growth of Business Loans Because of the growing popularity of franchise businesses, the demand for financial assistance had also grown. Because of this, many new loan firms were developed to assist Filipinos in their efforts of starting their own business or to franchise a business. A popular example is Ka Negosyo franchise and Business Loan services by BPI. Ka-Negosyo was established by BPI to provide Filipinos with reliable and dependable business loan services for Filipino entrepreneurs. Their flexible loan can offer Filipinos the advantage of starting a small business, such as a food cart franchise business, without having to loan large amounts of cash
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