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.
ESQUIRE Financing Inc. also recognizes the potential in funding the development of emerging enterprises, especially now when there is positive economic growth in the country. “MSMEs are the pillars of growth of the Philippine economy. They will catapult economic production into greater numbers through job development,” ESQUIRE President/CEO Rajan Uttamchandani stated.
Learn more about how EFI can help you grow your SME with its fast and efficient financial solutions by visiting http://esquire.com.ph/, or contact firstname.lastname@example.org or call 0917-5135573.