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Franchising Industry to the Growth of the Philippine Economy by Anita Gomez
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Franchising Industry to the Growth of the Philippine Economy |
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Business
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What made franchising a popular trend in the Philippines? Franchise businesses, such as food-cart and food-stall businesses, had gained a lot of popularity and demand in the Philippines. The reason why is because of the opportunity for Filipinos to start a successful business, while it also serves as a popular solution to poverty by the government. Franchising Industry in the Philippines According to the PFA, or the Philippine Franchise Association, the franchising industry of the Philippines had grown immensely since the start of small Franchising business Philippines, such as food-cart and food-stall businesses. In a report by the PFA, the number of franchises in the country had grown from only over 50 in the 1990s, to over a thousand since 2009, and it kept growing even today. Its growth was a major milestone in the franchise industry of the Philippines, and the government had also seen its potential as a solution to the growing problem of poverty in the Philippines. A popular application of franchise business by the government is when OFWs from Libya had fled the country to return home. Because most of them doesn’t have any work in the Philippines, the government had gave them a free business management course on how to manage a small business, particularly managing a franchise business such as a food-cart or food-stall business. In addition to that, another contribution that the franchise industry of the Philippines had given to its economic growth is by providing Filipinos with more jobs. According to the PFA, the growth of the franchise industry of the Philippines had created thousands of enterprises which generated hundreds of thousands of jobs, making franchising an important tool in the country’s economic growth. Accomplishments for the Philippines The growth of the franchise industry of the Philippines had also garnered a number of recognition for the Philippines in the world market. According to the PFA, the growth of franchise business in the Philippines had recognized the Philippines as the “franchise hub of Asia” when it comes to the development of franchise concepts. This had also allowed entry into the international market of Filipino brands and concepts. These and other achievements have made franchising the preferred business method for more and more entrepreneurs – both aspiring and established.
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