Vol. XXII, No. 28
Wednesday, September 3, 2008 | MANILA, PHILIPPINES
FREE PREVIEW
The Economy
Overseas workers boost franchising business
OVERSEAS FILIPINO workers (OFWs) are propping up the franchising industry as they and their relatives make up a bulk of franchise investors, an industry group said.
The entry of OFWs into the franchising business was responsible for the 29% increase in franchisor’s sales to P13.8 billion in 2007 from P10.7 billion the previous year, according to the Association of Filipino Franchisers Inc. (AFFI).
"Theyhave enabled franchisors to grow by adding more branches," a press statement yesterday quoted AFFI president Rommel Juan as saying.
Around a fifth of new franchise branches this year were opened by OFWs and their families, AFFI chairman Ricardo Z. Cuna said in a mobile "text" message. They spend a range of P300,000-P800,000 and usually prefer food franchises, he noted.
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