The Philippines has retained its position as one of the top destinations for international franchises on the back of an industry expected to recover from the ill effects of the Covid-19 pandemic.
At the opening of Franchise Asia Philippines 2020 on Monday, Philippine Franchise Association (PFA) Chairman Richard V. Sanz disclosed the country remains to be a contender in attracting global franchises. According to a United States-based think tank, the Philippines got a score of 2.1, in a census where the highest is 1 and the lowest is 4.
Based on ratings made by EGS, the Philippines bested all Southeast Asian nations in terms of securing investments from franchise firms.
“We got an average of 2.1, with 1 as the highest, 2.5 as fair and 4 as the lowest,” Sanz said. “I say still because ever since we landed on their list, we have always been among those on top.”
“In fact, among Asean nations, we were always on top,” he added.
Citing EGS, Sanz said the EGS rankings judged economies based on GDP growth, market size, intellectual-property (IP) protection, ease of entry and ease of starting a business. It also assessed the country’s corruption index, political situation, economic factors, long-term investment level risk and projected Covid-19 recovery.
According to Sanz, the Philippines scored best in market size, IP protection, economic factors, long- term investment risk and projected Covid-19 recovery.
“The world believes that the Philippines will rise again,” he assured franchisers. “Shouldn’t we also share the same confidence?”
In a speech, PFA President Sherill Quintana asked franchise firms to change their mindset in a time of crisis like this to overcome the challenges posed by the pandemic.
She said the franchise industry has been contributing at least 7.8 percent to the country’s GDP before the health crisis erupted. Further, it is employing some 2 million workers nationwide and is accounting for about 8 percent of total taxes collected by the government, Quintana added.
“At least, this is how it is before the Covid-19 crisis, but by changing mindset, this can also mean that this is the potential of the franchising sector if we are able to manage the difficulties of the said crisis,” Quintana said.
Franchise Asia Philippines will run up until Friday. Initially scheduled in March, the annual event was postponed by its organizers as Covid-19 started spreading across the archipelago.
This year’s edition will showcase 12 seminars on various topics, two keynote messages and 35 speakers who will delve on how the franchise industry can make it through the pandemic and how they can take advantage of the opportunities in the age of “new normal.”