MANILA - The franchising business is expected to remain robust and even outpace the growth of the Philippine economy, thanks in large part to millennials, the head of an industry group said Monday.
The Philippine Franchise Association (PFA) said it remains bullish and sees the franchising business growing 10 to 15 percent this year despite challenges like high inflation and a weaker peso.
PFA president Fred Moreno, who also owns Xcess Salon, said the industry is resilient to economic shocks.
"Even in countries suffering slower growth, you notice the franchising group tends to do better. People who lose their jobs end up getting into franchising or getting a new job," Moreno said in an interview with ANC's Early Edition.
Moreno said millennials in particular are providing strong support to the business, both as franchisees and as a market.
"Millennials are really very aggressive, dynamic. Majority of successful franchisees are millennials."
Food still tops the list of franchise brands, a trend observed here and abroad, Moreno said.
PFA said the Philippines is home to around 2,000 franchise brands and has over 200,000 franchise stores nationwide employing around 1.2 million workers.