Owing to a huge economic boost and a budding labour force in the past few years, Philippine franchise groups are being approached by global companies to bring in sixty international brands into the Philippinesaccording to Philippine Franchisers Association (PFA) Chairman, Emeritus Samie Lim. Global brands which are based across the world, including the United Kingdom are taking an interest in the booming Philippine market.
The Philippines is fast becoming a country which offers a lot of opportunities for these brands to expand their reach in the South East Asian market. As a result of a strong economic performance, a young and growing Philippine workforce, purchasing power has increased. Due to the high demand for overseas products in the country, franchises of international brands are thriving. This has been the result of an upward trend expected to continue, benefitting international brands who establish their stores in the country’s sprouting commercial centres.
Retail trade overtook GDP growth rate of the country in 2013, recording a 7.8% increase from 2012 figures. Rapid, exponential growth in size and investment in malls and retail hubs, were also noted to be indicators of the emergent Philippine retail sector.
The brands are featured in Franchise Asia Philippines 2014, a five-day fair hosted by the PFA, which took place on July 16. Aside from showcasing brands available for franchise, there will also be talks in relation to the forthcoming ASEAN Economic Integration planned for 2015. The British Chamber of Commerce Philippines are participating in the event from July 18 to July 20, 2014.
The story was initially published for The Philippine Star by Louella Desiderio and can also be seen at Open to Export with this link: http://opentoexport.com/article/63586/
