Franchise owners are projected to experience a revenue increase of 10% to 13% by the year 2024.

Written by Justine Irish D. Tabile, Journalist

According to the Philippine Franchising Association (PFA), the franchise industry is projected to experience a 10% to 13% increase in growth next year, with a particular boost from the food, services, and retail sectors.

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According to PFA chair Sherill R. Quintana, our projection for next year is 10%, with a potential high of 13%. She also expressed hope for a growth rate of 7% in the future.five-year timeline.

She presented her forecast at a brief event.fing on Monday ahead of the Franchise Asia Philippines 2023 International Franchise Expo.

The franchising industry earned a total of P27 billion in revenue last year, and is expected to see a revenue increase of 13% this year.

According to PFA President Chris Lim, the food industry is a major contributor to the economy this year, while services are predicted to bounce back next year after experiencing a delay due to the pandemic.

According to the speaker, food has been a major factor in driving growth this year. Many reports indicate that food businesses have likely surpassed their pre-pandemic levels. However, services like salons and spas have been slower to recover and some have not even fully reopened yet. But there is optimism that these services will gradually open and recover by next year.

According to him, the industry needs to be cautious about agricultural franchising due to the high demand for such enterprises in the Philippines.

“We believe that franchising can greatly benefit the retail industry, as well as suppliers and businesses in the agriculture sector,” stated Mr. Lim. He also noted the potential for a robust ecosystem to develop, providing support for the growth of this industry.

Francorp Philippines

Richard Sanz, the co-chair of Franchise Asia Philippines 2023 and CEO of Francorp Philippines.fi5 years

According to the CEO of BBK Group, coffee has the potential to fuel the expansion of the industry over the next 5 years.five to 10 years.

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The demand for coffee has resulted in the opening of numerous coffee shops.

According to him, this pattern is evident in other parts of Asia.

Coffee has been a major factor in the growth of the F&B industries in Korea and Japan. The Philippines is currently a bit behind, maybe by 10 years, but it is rapidly developing and has a significant market potential.
fill,” he added.

The global franchise convention is scheduled to take place from October 27 to 29, coinciding with the gatherings of the World Franchise Council and Asia-Pacific.fi

The Franchise Confederation will take place from October 25 to 27.