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In the center ESQUIRE Financing Inc.'s CEO Rajan Uttamchandani with staff at the inauguration of the new CAPITALIFE Business Center in Makati. |
According to the International Franchise Association (IFA), franchising currently represents 18 million jobs and $2.1 trillion worth of economic activity in the U.S.
In Southeast Asia, the Philippines leads in terms of franchise concept development. Last year, more than 124,000 franchisees offered the products and services of over 1,100 franchisors in the country. The industry generated more than a million jobs while recording a total of $9.45 billion output—equal to five percent of the country’s total gross domestic product (GDP).
PFA Chairman Lim said that the recent growth can be attributed to the entry of new players from micro, small and medium enterprises (MSMEs), the continued rise of the business process outsourcing (BPO) industry, and the introduction of indigenous and food concepts.