The number of Covid-19 cases in the National Capital Region continues to fall, with a…
Additional franchise businesses are expected to open outside of the National Capital Region.
The majority of franchising businesses will remain open in the provinces in the next years since growth has extended outside of Metro Manila, according to Chris Lim, president of the Philippine Franchise Association (PFA), who made the announcement on Wednesday.
At a press conference in Quezon City, Lim claimed that during the height of the pandemic, a large number of people returned to their home provinces, where some had invested their savings in franchises.
Following the epidemic, some individuals remained and obtained new employment in the provinces, which was anticipated to increase consumer spending outside the National Capital Region (NCR).
“Franchising is no longer concentrated in NCR since the Philippines’ purchasing power has been awakened nationwide. I believe that is the main goal of franchising. We need to expand beyond the NCR because there are so many potentials throughout the entire nation, Lim told the Philippine News Agency on the sidelines of the event.
He claimed that the sector serves as a catalyst for the nation’s near-term transition to an upper middle-income position.
Franchises, according to Lim, “equalize” people by giving them access to tried-and-true business concepts and trainers.
According to him, it also aided in creating jobs in the area.
“There are new five, 10, 20, 30 jobs every time a franchise opens, and those jobs are local,” he continued.
According to Lim, the sector today supports more than 200 million direct and indirect jobs.
Thus, he added, franchising is a crucial tool for boosting the middle class and creating jobs.
Lim added that due to rising prices, the industry’s revenues are anticipated to increase by 12 to 15 percent this year.
Depending on the category, price hikes have ranged from 5 to 15%, but some of that hasn’t really been enough to offset the cost increases they’ve had over the past four years, he claimed.
Businesses in agriculture, such as the use of drone services for seeding, and healthcare, including the franchise of dialysis clinics, diagnostic centers, and pharmacies, among others, are two of the expanding subsectors in franchising.***
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