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The country’s booming franchising sector announced Friday a conservative growth forecast of 10 percent to P34 billion in terms of revenues this year from an estimated P30.5 billion in 2023.
“We actually estimate franchise statistics since there is no regulatory body to oversee the sector. But we are pretty much confident that growth will remain strong as more Filipinos are now aware of franchising as a business concept,” Lim said in a briefing during the opening of the Franchise Asia Philippines Expo 2024.
She said it is more prudent to expect slower growth despite the industry growing by leaps and bounds with almost 2,000 brands in the market.“The entry of new foreign concepts and new brands as an offshoot of the 3-day Franchise Asia Philippines 2024, will contribute to the growth of the sector,” FAP 2024 overall chairman and PFA director Joey Garcia said.The group is also positive that the number of franchise outlets would grow by 8 percent to 216,000 in 2024.
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