The country’s’ biggest franchising group expects a growth of 12 percent to 15 percent in 2023 as it plans to export 50 local brands to territories outside the Philippines
Philippine Franchise Association overall conference chair for the upcoming Franchise Asia Philippines 2023 and Jollibee Foods Corp. chief business officer Joseph Tanbuntiong said the Philippines is bullish on expanding to foreign markets amid the growing demand for Filipino products and services.
“The group is expanding its reach to bring 50 local brands to the global scene in the next five years,” he said in a pre-event briefing Wednesday for the international franchising conference to be held on June 7 to 8, 2023 and the international expo on Oct. 27 to 28, 2023.
He said local brands that are going global should target Filipino communities overseas and the mainstream markets. At present, about 20 Philippine brands are competing in the global market.
PFA chairman emeritus Samie Lim said many local brands were eyeing first-world territories like the US. “However, it is difficult to penetrate the US market since each state has now each set of regulations. It will be easier for companies to try the ASEAN markets first.”
“Philippine franchises has the potential to generate as much as 30 jobs per franchise which an excellent way to stimulate the economy, apart from driving demand on new markets trends,” he said.
PFA promotes and manages 800 brands of which 85 percent are local and 15 percent are foreign brands. Employment in the sector reached 2 million, both in retail and services.